“The job market is cooling,” Mr. Waller said in a speech in St. Louis. “We see that the balance has returned, particularly between supply and demand.”
Mr Waller made his comments after signs emerged that the labor market was cooling. The Bureau of Labor Statistics report showed Friday that nonfarm payrolls increased by 150,000 last month after increasing by a downwardly revised 297,000 in September. The unemployment rate has increased to 3.9% and the pace of monthly wage increases is slowing.
He also pointed out that the ratio between job offers and the number of unemployed has decreased in recent months.
“What we have seen since May 22 is that the number of hirings has decreased and the unemployment rate remains very low.”
Mr. Waller did not comment on monetary policy.
The FOMC kept interest rates at their highest level in 22 years for the second meeting in a row last Wednesday. Chairman Jerome Powell left open the possibility of whether or not the Fed might need to raise interest rates again and "proceed with caution," showing reluctance to adjust interest rates in the near future.
Mr Waller made his comments after signs emerged that the labor market was cooling. The Bureau of Labor Statistics report showed Friday that nonfarm payrolls increased by 150,000 last month after increasing by a downwardly revised 297,000 in September. The unemployment rate has increased to 3.9% and the pace of monthly wage increases is slowing.
He also pointed out that the ratio between job offers and the number of unemployed has decreased in recent months.
“What we have seen since May 22 is that the number of hirings has decreased and the unemployment rate remains very low.”
Mr. Waller did not comment on monetary policy.
The FOMC kept interest rates at their highest level in 22 years for the second meeting in a row last Wednesday. Chairman Jerome Powell left open the possibility of whether or not the Fed might need to raise interest rates again and "proceed with caution," showing reluctance to adjust interest rates in the near future.
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