US jobs market cooling but still resilient, Fed's Kugler says

US jobs market cooling but still resilient, Fed's Kugler says

© Reuters. FILE PHOTO: A Chipotle restaurant advertises it is hiring in Cambridge, Massachusetts, U.S., August 28, 2023.   REUTERS/Brian Snyder/File Photo

“The lower unemployment that we saw in Friday’s jobs report is very welcome,” Kugler told a European Central Bank Conference. “We don’t want a drastic slowdown in the labor market.”

Kugler said there were several metrics suggesting that the labor market was cooling back to its pre-pandemic levels but the Fed does not want it to cool so much that it causes “undue” pain.

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