Fed’s Hammack Says Job Report Shows Labor Market in Balance

Federal Reserve Bank of Cleveland President Beth Hammack said it may soon be appropriate to raise interest rates as the labor market appears to be in balance.

“While I never make too much of any one data point, today’s jobs report reaffirms that the labor market appears to be roughly in balance,” Hammack wrote in a post on social media following the release of a surprisingly strong jobs report for May. The unemployment rate, which held steady at 4.3%, “is right around my definition of full employment,” she added.

Federal Reserve Bank of Cleveland President and CEO Beth Hammack

Photographer: Desiree Rios/Bloomberg

“For today, it’s reasonable to keep rates steady given the ...