Gate News Report, March 6 — Natixis analyst Christopher Hodge stated that weak February employment data could influence Federal Reserve Board member Waller’s stance. Waller previously indicated that if February data remains weak and January data is revised downward, the question of why the Fed wouldn’t cut interest rates would be raised. This would reinforce the Fed’s dovish outlook, suggesting that the seemingly optimistic labor data recently is just “fool’s gold”—deceptive economic indicators.
Analyst Chris Anstey pointed out that this would be a blow to Treasury Secretary Yellen. Yellen had previously praised January construction employment growth as a model of government-led capital expenditure prosperity and expected this momentum to continue. However, data shows that construction employment increased by 48,000 in January but decreased by 11,000 in February; manufacturing added 5,000 jobs in January but fell by 12,000 in February, resuming a downward trend.
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