MNI BRIEF: Fed Gov Bowman Sees Weak Jobs, Inflation Nearer 2%

Net U.S. job creation is negative while inflation is much closer to 2% than in recent years and the economy is still growing, Federal Reserve Governor Miki Bowman said Tuesday. 

"The inflation numbers have declined, and they're getting much closer to the 2% goal than they have been over the last few years.," she said at an Institute of International Finance conference in Washington. "We are seeing a softening in the labor market. We've seen an increase in the unemployment rate. It's still historically low, but it's increasing." 

Consumer spending softened in September but "we do still have a growing economy," she said, adding some GDP trackers show strong growth. The Atlanta Fed GDPNow currently estimates third quarter growth to be 3.8%. (See: MNI POLICY: Fed Set To Keep Cutting Rates Despite Missing Data)