"With this one report, [the data] continues to say it's a strong labor market, but it is getting a little bit less tight than we saw before," Mester said in an interview on CNN International.
Mester spoke to the television channel following the release of the September jobs report, which showed the U.S. added a bigger-than-expected 336,000 jobs last month and upwardly revised the prior month's job gain, with a steady 3.8% unemployment rate.
The strength of the jobs data renewed bond market worries about additional Fed rate hikes which had receded among many investors.
Several economists noted the softening earnings data in the report, evidence that inflation pressures continued to ebb, reducing pressure on the Fed to hike rates further.
"What we've seen in the economy so far is that it's been a very resilient economy," Mester said, adding "economic growth has been strikingly strong and yet we're still making progress on inflation."
Persons:
Loretta J, Mester, Jim Urquhart, Loretta Mester, it's, Michael S, Diane Craft, David Gregorio Our
Organizations:
Federal Reserve Bank of Cleveland, Jackson, REUTERS, Federal Reserve Bank, Cleveland, CNN International, Fed, Derby, Thomson
Locations:
Jackson , Wyoming, U.S