US Job Market Is Slowing, Can’t Let It Slow Too Much, Fed’s Daly Says
- Firms so far are slowing hiring, not cutting permanent jobs
- San Francisco Fed chief says interest rates already adjusting
Mary Daly
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Federal Reserve Bank of San Francisco President Mary Daly said the labor market is softening and indicated the US central bank should begin cutting interest rates in coming quarters, but stopped short of concluding the labor market has begun seriously weakening.
“Policy adjustments will be necessary in the coming quarters,” Daly said Monday in a moderated discussion co-hosted by the Hawaii Executive Collaborative. “We have now confirmed that the labor market is slowing, and it is extremely important that we not let it slow so much that it tips itself into a downturn.”