The labor market is slowing, but not slowing down, says Fed By Investing.com’s Bostic

Investing.com — Federal Reserve Bank of Atlanta President Raphael Bostic said on Tuesday that the contraction in the labor market is not a sign of slowing as job gains remain solid.

“The job market is slowing, but I wouldn’t say it’s slow,” Bostic said at a meeting with foreign consular officers based in Atlanta. Monthly job creation “is pretty robust,” he added.

Bostic’s comments follow Friday’s nonfarm payrolls report, which showed the US economy added 245,000 jobs in September, well above the 150,000 expected.

The Atlanta Fed chief remained cautious on inflation, saying it had moderated, was “too high” and there was still some way to go to get it back to the 2% target.

“There’s still a ways to go, and I want people to understand that I’m still focused on the inflation target,” Bostic said.