Fed's Daly Responds to Disappointing Non-Farm Payrolls: Cannot Ignore, But No Need to Overinterpret

Odaily News The non-farm payroll data released by the U.S. Bureau of Labor Statistics on Friday indicates a decline in U.S. employment in February. The data for that month was significantly impacted by severe winter weather and a strike at a major healthcare institution. Fed's Daly stated in an interview with CNBC: "I think this simply shows that previous expectations for the labor market stabilizing may have been overly optimistic. We are also facing inflation above target and rising oil prices. How long these conditions will last, we don't know, but currently both of our goals are at risk." Daly added: "I believe this report cannot be ignored, but it's just one month's data; there's no need to overinterpret it." (Jin10)