MNI BRIEF: Fed’s Cook Says Jobs Revisions ‘Concerning’

Federal Reserve Governor Lisa Cook said Wednesday she is watching closely the recent deterioration of the labor market, as reflected in sharp downward revisions to employment growth, reported by BLS last week. 

“This is concerning,” Cook said at a panel at the Boston Fed. “These revisions are somewhat typical of turning points. If we’re at an inflection point we want to look at data that speaks to inflection points,” she said, adding this means not just payroll employment but also the jobless rate. (See MNI INTERVIEW: Nimble Fed Needed To Tackle Slowdown -Koenig)