FRANKFURT – Fed Governor Adriana Kugler said in Frankfurt on Tuesday that the U.S. jobs market has started to cool but remains resilient, and the Federal Reserve is keen to avoid a drastic weakening of the labor market.
“The lower unemployment that we saw in Friday’s jobs report is very welcome,” Kugler told a European Central Bank Conference. “We don’t want a drastic slowdown in the labor market.”
Kugler said several metrics suggest the labor market is cooling back to its pre-pandemic levels, but the Fed does not want it to cool too much and cause “undue” pain.
(Source: ReutersReuters)
