Plosser: Friday's jobs report an outlier


Philadelphia Fed chief Charles Plosser wants QE over by the end of this year, and the weak December payroll report didn't alter that view, he says, noting the soft print was likely a result of the weather (cold, who knew!).

He expects the headline unemployment rate will decline to 6.2% by year's end and inflation will edge up near to near the Fed's 2% target. " I believe the economy has met the criteria of significant improvement in labor market conditions for ending the program and that further increases in the balance sheet are unlikely to provide appreciable benefits for recovery."

Plosser is a voter on the FOMC this year.

Comments (2)
  • wyostocks
    , contributor
    Comments (9113) | Send Message
     
    Someone ask him if the UE rate will drop further because (a) more people get hired; or (b) more people drop out?

     

    Also, he assumes that QE has already provided "appreciable benefits for recovery". Perhaps for his banker buddies but sure as hell not for main street.
    14 Jan 2014, 01:04 PM Reply Like
  • marloo
    , contributor
    Comments (17) | Send Message
     
    I think he means that by the end of the year only 6.2% of the unemployed will still qualify for unemployment benefits
    14 Jan 2014, 01:08 PM Reply Like
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