Chicago Fed president on what the new jobs report says about the economy
Austan Goolsbee:
I don’t think so, because, as I said, we have a lot of measures of the job market, the unemployment rate, the number of jobs. We can look at the ratio of how many job vacancies there are to how many unemployed workers there are, hiring rates, quit rates, are there layoffs.
And by taking the totality of those measures, it looks to pretty much looks to be a kind of a stable arrangement. That said, I do think we had an experience over the year, because this recovery has been so much different coming out of COVID than in previous recoveries, a lot of the adjustments that the Bureau of Labor Statistics has to do to the — to when it comes up with the numbers.
As they got the real data, they led to bigger revisions than we normally have.
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