Fed's Goolsbee
Fed's Goolsbee
  • Jobs report raises questions about whether the US is having a productivity pickup
  • “We wouldn’t want to make much of any one month, but the continued strength of the labor market, if that continues, would lessen my worry that the job market side of our mandate is deteriorating,”
  • despite the brisk hiring numbers, weakness in overall hours worked suggests that “this wasn’t as strong as that headline number suggested.”
  • The longer the economy continues to grow and add jobs solidly with declining inflation, the more that Fed officials may have to revise their view about the potential for more noninflationary growth due to gains in worker productivity

More at the WSJ.