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

Viewed from the appropriate perspective, 25,000 per month is not too bad—viewed perhaps from the perspective of the Administration of Millard Fillmore. [Laughter] So I will readily acknowledge that, if we’re right about our labor input forecast, there will be some communication difficulties, and there will be maybe even more political consequences in some sense than underlying economic consequences. A number of you noted, and I think the Chairman noted in the testimony or a speech, that marking down of our expectations for what would be good underlying employment growth. I’ve also been surprised in the past few months. If you had told most economists or market commentators earlier this year that 100,000 a month was going to be a good employment figure, it would have come as a real shock. Yet there has been, I think, a marking down of expectations for employment growth in that the recent figures, when they come out at 111,000 aren’t viewed as devastating.

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