Investing.com — Federal Reserve Bank of Atlanta President Raphael Bostic said Tuesday that the labor market cooling isn’t a sign that its slow as job gains remain robust.
“The labor market is slowing, but I wouldn’t say it’s slow,” Bostic said at a meeting with foreign consular officers based in Atlanta. Monthly job creation “is pretty robust,” he added.
Bostic’s comments come in the wake of Friday’s nonfarm payrolls report showing the U.S. economy added 245,000 jobs in September, well above the 150,000 expected.
The Atlanta Fed chief remained cautious on inflation, saying that it has moderated, it’s “too high” and there was still some ways to go bring it back toward the 2% target.
“That’s still quite a ways to go and I want people to understand that I’m still laser-focused on the inflation target,” Bostic said.