Federal Reserve Governor Cook: Revisions to Nonfarm Payroll Data May Signal a Turning Point for the U.S. Economy
According to a report by Jinse Finance, Federal Reserve Governor Lisa Cook stated that the July employment report is "concerning" and suggested it may signal a turning point for the U.S. economy. Speaking at a discussion organized by the Boston Fed on Wednesday, Cook said, "These revisions are, in some ways, typical characteristics of a turning point." Data released last week showed a sharp cooling in the labor market over the past few months. According to a report from the U.S. Bureau of Labor Statistics, nonfarm payrolls increased by 73,000 in July, while figures for the previous two months were revised down by nearly 260,000. The unemployment rate edged up slightly from 4.1% in June to 4.2%.
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