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Job gains not enough to change US labor market -Fed's Dudley
November 29, 2012 / 2:01 PM / 5 years ago

Job gains not enough to change US labor market -Fed's Dudley

NEW YORK, Nov 29 (Reuters) - The recent improvement in U.S. jobs growth is still not enough to materially change the struggling labor market, an influential U.S. Federal Reserve official said on Thursday.

In a dovish speech only weeks before a key U.S. central bank policy meeting, New York Fed President William Dudley said any further purchases of Treasury securities in 2013 should hinge on the outlook for employment and inflation.

“While job growth has picked up some recently, its pace has been insufficient to materially change the labor market picture,” Dudley, a permanent voter on Fed monetary policy and a close ally of Chairman Ben Bernanke, was to tell a Pace University forum.

The Fed meets on Dec. 11-12 to determine whether to extend purchases of both Treasuries and mortgage-backed securities into the new year to try to lower longer-term rates and boost the U.S. economic recovery.

As it stands, the Fed is buying some $85 billion in longer-term bonds per month, while selling $45 billion in shorter-term bonds.

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