Pimco's McCulley Says Odds of More Fed Easing Drop After Payrolls Report
Pacific Investment Management Co.’s Paul McCulley
Andrew Harrer/Bloomberg
Pacific Investment Management Co.’s Paul McCulley.
Pacific Investment Management Co.’s Paul McCulley. Photographer: Andrew Harrer/Bloomberg
Sept. 3 (Bloomberg) -- Paul McCulley, managing director at Pacific Investment Management Co., discusses today’s U.S. employment report for August and the potential impact on Federal Reserve monetary policy. Private payrolls that exclude government agencies climbed 67,000, after a revised 107,000 increase in July that was more than initially estimated, Labor Department figures showed. McCulley talks with Betty Liu on Bloomberg Television’s “In the Loop.” (This is an excerpt of the full interview. Source: Bloomberg)
Pacific Investment Management Co.’s Paul McCulley said the larger-than-forecast increase in private jobs in August lowers the odds that the Federal Reserve will seek more quantitative easing at this month’s policy meeting.
McCulley, who made the comments in an interview today on Bloomberg Television, said the increase still doesn’t rule out the possibility the Fed will act.
Private payrolls that exclude government agencies climbed 67,000, after a revised 107,000 increase in July that was more than initially estimated, Labor Department figures showed today. The median estimate of economists surveyed by Bloomberg News called for a gain of 40,000. Overall employment fell 54,000 for a second month and the unemployment rate rose to 9.6 percent as more people entered the labor force.
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