6/4, 4:28 PM (Source: TeleTrader)
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Fed's Mester: Jobs report solid, need more progress

Cleveland Federal Reserve President Loretta Mester described the May nonfarm payrolls report as "solid" on Friday, however, she would like to see further progress in the labor market before thinking of adjusting the Fed's policy.

On the other hand, substantial further progress doesn't necessarily mean returning to pre-pandemic levels in the labor market, Mester explained in an interview with CNBC.

Earlier, the Bureau of Labor Statistics revealed nonfarm payrolls in the United States increased by 559,000 last month, short of analyst projections.

Breaking the News / JC