Fed’s Bostic Says Big Jobs Revisions Call Full-Employment Status Into Question

Atlanta Federal Reserve President Raphael Bostic said the unexpectedly large revisions in the July U.S. employment report point to “churn and turbulence” in the broader economy and cast doubt on whether the nation is still operating at full employment. While the data have prompted policymakers to reassess progress toward the Fed’s employment mandate, Bostic noted he has not detected a significant slowdown in labor markets across the Southeastern states under his district’s purview. The regional official added that the mixed signals suggest economic risks may now be more balanced than earlier in the year, but he offered no guidance on how the latest figures might influence the Federal Open Market Committee’s next policy decision.