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Patrick J. O'Keefe Discusses September Jobs Report in the Media


10/3/14

On Friday, October 3, the Bureau of Labor Statistics released data on labor market conditions in the United States through September 2014. The unemployment rate fell below 6% in September for the first time since July 2008. The U.S. added 248,000 jobs.

Patrick J. O'Keefe, Director of Economic Research, discussed his expectations for this month’s numbers with several media outlets.

In a live interview with CNBC Worldwide Exchange, Pat was confident the U.S. jobs number will be positive but this would not change the Federal Reserve's policy path. “Overall we are looking at a fairly positive number,” he said.

Pat also appeared on Wall Street Journal This Morning Radio. When asked if we should be expecting better numbers than back in August, he said that was correct, “August was by any definition disappointing.”

In a Reuters article, Pat stated, “What we see is a measured confidence. The business sector is now much more likely to hire even before there is a fall in their inventories.”

Pat also spoke with Kathlene Hays and Vonnie Quinn on Bloomberg’s radio’s The Bloomberg Advantage to react to the report. "Overall the underlying momentum is not only solid but it's gaining," he said. He noted that September jobs data confirms that the employment expansion is self-sustaining, with employers hiring in anticipation of future demand rather than reacting to orders received.
 

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