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Fed's Goolsbee: Don't overinterpret the slowdown in job growth, pay more attention to data such as the unemployment rate
8hours ago

Odaily Planet Daily News: Fed's Goolsbee said the Fed is trying to understand whether tariffs will temporarily push up inflation or have a more lasting impact, which will provide a reference for its decision on when to cut interest rates. Goolsbee said he dared not conclude that tariffs will only have a one-time impact on inflation. He hopes to see more data, including wholesale price data to be released this week and broader inflation data next month, before deciding whether it is necessary to cut interest rates. Previously, the U.S. Department of Labor significantly revised down its job growth data for May and June, and the job growth announced in July was lower than expected. President Trump said the data was manipulated and fired the director of the Bureau of Labor Statistics. Goolsbee warned not to over-interpret the slowdown in job growth because it may reflect a sharp drop in immigration. He said he pays more attention to data such as the unemployment rate, which is currently at a historical low of 4.2%. (Jinshi)