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Federal Reserve Bank of Cleveland President Beth Hammack said policymakers have time to review additional economic data before determining their next move on U.S. interest rates, signaling that the latest weak jobs report may not dictate the Fed’s policy path.
Speaking to PBS NewsHour, Hammack said September’s employment figures were broadly consistent with recent labor market trends. U.S. nonfarm payrolls increased by just 29,000 during the month, while the unemployment rate rose to 4.2%.
Despite the soft headline figure, Hammack highlighted that the economy has generated an average of about 41,000 jobs per month over the past year. She said that pace is roughly consistent with her estimate of the job growth needed to maintain stability in the labor market.
Her comments indicate Federal Reserve officials are unlikely to base their next interest rate decision on a single employment report. Policymakers will receive additional economic indicators before the Federal Open Market Committee meets on October 27-28, allowing them to evaluate inflation, employment and broader economic conditions.
Hammack has previously supported maintaining higher interest rates to combat inflation, which remains above the Fed’s desired level. Her latest remarks echo comments from other Fed officials who have emphasized the importance of assessing incoming economic data before considering further monetary tightening.
The Federal Reserve raised its benchmark interest rate by 25 basis points at its September meeting, taking the target range to 3.75% to 4%. Policymakers also projected another rate increase before the end of the year.
Recent Fed commentary has suggested officials are unlikely to adjust rates at the October meeting. That would leave the timing of another potential rate hike dependent largely on upcoming inflation, employment and economic growth data.
September’s jobs report therefore adds to a complicated outlook for the Federal Reserve, which must balance slowing hiring against persistent inflation pressures while determining whether additional interest rate increases are necessary.
