"Concerning" is how the Fed Governor Lisa Cook described this week the revisions of the government's estimates that drastically reduced the employment gains in May and June to what economists consider recession levels.

Federal Reserve officials show moderation in response to the weakening US labor market

Since the Federal Reserve's decision in July to keep interest rates steady, it appears that a shift is occurring, with several central bank officials sounding increasingly uneasy about the labor market and indicating their openness to, if not impatience for, a rate cut as soon as September.

Their evolution in stance may please President Donald Trump, who has aggressively pushed for lower credit costs throughout the year. Reasons for this include new data suggesting that a weakening labor market that Trump has said is "rigged" may not be.

Concerns about the labor market were at the core of the arguments presented by Fed Governor Christopher Waller and Vice Chair Michelle Bowman when they dissented from the July 30 decision to keep rates in the range of 4.25%-4.50%, where they have been since December.
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