In 1935, Cret designed the Seal of the Board of Governors of the Federal Reserve System. (Photo credit: Wikipedia)Two top Federal Reserve officials pointed on Monday to last month's surprisingly weak jobs report as all the more reason to take a wait-and-see approach to a U.S. economy that, in general, is improving.
Although the unemployment rate slipped to a still high 8.2 percent in March, jobs growth slowed sharply, raising fears the labor market could start to sputter as it did a year ago. Nonfarm payroll employment rose by only 120,000 last month, roughly half the gains in each of the previous two months.
Cleveland Fed President Sandra Pianalto, a voter this year on the central bank's policy-setting panel, called the March job gains "meager" and illustrative of "the uneven pattern" of economic activity.
"Monthly ups and downs like these make it hard to confirm the underlying pace of job creation," she said at a bankers' event in Lexington, Kentucky, citing the robust jobs reports in January and February. "So it seems as though the labor market is still improving, albeit at a modest pace."...Continue to read.
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