Fed Officials Suspect Non-Farm Payrolls Exaggerated Job Growth

SHANGHAI, Jul 6 (SMM) – Some Fed officials suspect that the strong growth in non-farm payrolls may be exaggerating the strength of the labour market.

According to the minutes of Fed monetary policy meeting on June 13-14, policymakers reportedly noted that other measures of employment conditions, including the Labor Department's household survey and census reports, as well as Fed staff's own calculations, "suggest that job growth may be weaker than the non-farm payrolls numbers suggest."

However, almost all officials at last month's meeting judged that further rate hikes were appropriate to help bring down inflation well above the Fed's 2% target, the minutes showed.

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