NEW YORK Nov 29 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
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