Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

On job destruction versus a slower pace of new job creation, it’s hard to answer that one. Some of those patterns have changed over time; and in monitoring labor market developments, we’re trying to keep track of those two elements and that sort of thing. Whether that would materially change the way we would look at, say, just what payroll employment growth was doing, it would still be one of our main reads coming in. As to exactly how that worked out behind it, I’m not sure it would make too much of a difference. I don’t know whether Dave might want to add something to that.

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