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Fed's Moskow warns of rising protectionism on trade

KENILWORTH, Illinois
Wed Apr 11, 2007 9:59pm EDT

KENILWORTH, Illinois (Reuters) - Chicago Federal Reserve President Michael Moskow warned on Wednesday against rising protectionist sentiment in the United States.

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"Don't fall into the trap of closing our borders against trade," he said following a speech to the Kenilworth Union Church, outside Chicago.

Moskow also commented on the strength of the U.S. labor market, saying that the high level of job creation last month could indicate that the economy is stronger than expected. But he said the recent pace of job creation was likely not sustainable.

U.S. employers added a stronger-than-expected 180,000 new jobs in March and the unemployment rate fell to a five-month low, implying the economy remains durable despite a slowdown in housing.

Moskow said job creation needs to run close to 100,000 per month just to keep up with the growing work force.
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