Fed's Kocherlakota: Labor market still shy of FOMC goal
People aged 25 to 54 still not working
According to Narayana Kocherlakota, the president of the Minneapolis Fed, the labor market still has room to improve before reaching the FOMC's goal of full employment. Per MarketWatch:
Kocherlakota said the jobless rate could continue to tumble and hit 5.7% by the end of the year from 6.2% in July.
But Kocherlakota said there are "many ways to see this continued weakness" in labor markets, saying that too many people aged 25 to 54 are not working. In addition, a historically high percentage of workers can only find part-time work even though they want full-time jobs, he said.