But after a weaker-than-expected April jobs report, they may have an easier time selling the idea that patience is a virtue. “I feel very good about our policy approach, which is outcome-based,” Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said in a Bloomberg television interview shortly after the report came out. “Let’s actually allow the labor market to recover, let’s not just forecast that it’s going to recover.”American employers added 266,000 jobs last month, far short of the one million that economists had been expecting. What is clear is that the economy is nowhere near any mainstream estimate of full employment. And how the labor market recovery will look going forward — as the economy reopens and a huge number of displaced workers must reshuffle into jobs that suit their needs and interests — is wildly uncertain.

Source: New York Times May 07, 2021 15:11 UTC