Fed's Barkin: Jobs data is more low hire, low fire

Thomas Barkin, President of the Federal Reserve Bank of Richmond, spoke about the recent employment figures during an online event with the National Association for Business Economics. He explained that the labor market is in a state of weak balance, characterized by low hiring and low firing. Barkin pointed out that corporate earnings have remained solid and expressed interest in observing how these earnings impact the job market.

He emphasized that the jobs data was consistent with a sector in weak balance and mentioned that the overall situation is not looking very good, but that it is what it is. Barkin highlighted that corporate earnings are strong and growing nicely, and they are being closely watched for any connections to the job market.