Richmond Federal Reserve President Thomas Barkin said he is not ready to change his monetary policy outlook after the release of unexpectedly weak U.S. jobs ...
NEW YORK - Richmond Fed eral Reserve President Thomas Barkin said he is not ready to change his monetary policy outlook after the release of unexpectedly weak U.S. jobs data on Friday, even as Wall Street shifted toward expectations of aggressive interest rate cuts.
That outlook, announced after the end of a two-day policy meeting, got a huge jolt from the release of the Labor Department's monthly employment report for July, which showed a smaller-than-expected gain of 114,000 jobs and a rise in the unemployment rate to 4.3%, from the prior month's 4.1%. Barkin said the U.S. job market is still solid by most standards, noting the rise in the unemployment rate in July was "pretty normal" on a historical basis and the level of joblessness was still low.
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