According to a report by Jin Shi, Nick Timiraos, the "voice tube" of the Federal Reserve, stated in a post that Federal Reserve officials may be more concerned with the unemployment rate rather than job growth when assessing whether labor demand is slowing down. The reason is that they anticipate that as border controls tighten and the number of available jobs decreases, employment growth will naturally slow down. When employment growth slows down while the unemployment rate remains stable, it may indicate that the rate of decline in labor supply is faster than the rate of decline in demand. The bottom line of the Federal Reserve is that as long as the unemployment rate remains at its current level, the Fed will not necessarily be concerned about a slowdown in employment growth.
