Federal Reserve Governor Christopher Waller said that job growth has likely been negative over the past few months and that the labor market is currently his biggest concern.
In an interview with a private TV network, Waller said, “The labor market is weak, and that’s an important point from a policy perspective. That’s the key thing to know.”
The September employment report, which was scheduled to be released last week, was delayed due to the government shutdown. Waller said that data from private sources, such as ADP’s employment figures, confirmed that the labor market has weakened.
He stated that “They’re not really representative and are quite specific, but they all tell you the same story,”
Waller said he wants to continue with interest rate cuts but emphasized that policymakers should remain cautious. Despite the weakness in the labor market, he noted that economic growth appears strong.
According to the Atlanta Fed’s real time model, U.S. gross domestic product is estimated to have grown at an annual rate of around 4% in the third quarter of 2025.
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