Fed’s Barkin says original jobs data more surprising than revisions

Investing.com -- Richmond Federal Reserve President Tom Barkin highlighted ongoing demographic challenges in the labor market as baby boomers exit the workforce during a virtual event on Thursday.

Barkin indicated that uncertainty persists in hiring trends, stating "we’re not seeing fog lift on the hiring side." Despite these challenges, he noted that businesses are not currently preparing for layoffs.

The Fed official shared some positive signals about consumer activity, saying he was "getting smell of stronger July on consumer side." This suggests potential improvement in consumer spending for the month.

Regarding employment figures, Barkin remarked that "unemployment at 4.2% is not a bad number," indicating a relatively healthy labor market despite recent fluctuations.

Barkin also addressed manufacturing sector concerns, noting that "manufacturers are all struggling with margin pressures" as businesses face cost challenges.

When discussing recent economic data, Barkin commented that the "original jobs data were more surprising than revisions," suggesting that initial employment reports had more impact than subsequent adjustments.

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