The Federal Reserve Chairman Jerome Powell warned that the labour market will be weaken, which is “necessary” to fulfill the Fed’s mission of getting inflation back to 2%. This indicates that policymakers are not worried about the increasing numbers of first-time applier for unemployment benefits.
Powell said the pace of job creation has slowed down slightly, but the increase in first-time applier may only be seasonal. However, some anecdotal evidence suggests that companies are no longer hiring as difficult as they once did. He said.the adjustment is just beginning.
Powell also said he did not think the U.S. economy is currently in a recession, inclining to take the first Gross Domestic Product report of the quarter “with a grain of salt.” He did note, however, that he is watching the second quarter closely.
Investors seem to be looking more at the second half of the remarks, and the possibility that the Fed could slow interest rate hikes if the number worsens.
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