Fed meeting minutes: Some data did not show a sharp deterioration in the labor market.

On October 9, the Fed meeting minutes mentioned that during discussions on the labor market, participants pointed out that employment growth has slowed and the unemployment rate has risen slightly. Participants believe that the low employment growth levels estimated in recent months may reflect a simultaneous decline in labor supply and demand growth. Participants noted that the decrease in net immigration or changes in labor force participation rates are factors weakening labor supply; while moderate economic growth or high uncertainty affecting business hiring decisions may be reasons for suppressing labor demand. In this context, participants mentioned a range of other indicators that help assess the condition of the labor market, including: the unemployment rate, the ratio of job vacancies to unemployed persons, wage growth, the proportion of unemployed who find jobs, the voluntary quit rate of employed individuals, and the layoff rate. Participants generally believe that the latest readings of these indicators do not show a sharp deterioration in labor market conditions. However, a minority of participants believe that recently released labor market data (including revisions to previous data and preliminary estimates of non-farm employment benchmarks) suggest that the period of labor market weakness may be longer than previously reported. ( Jin10 )