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

I think it would be a mistake to focus on household employment as suggesting that there is greater health in the overall labor markets and the employment situation. Every survey taken of both households and businesses about the availability of jobs or the availability of workers lines up very well with the weakness that we’ve seeing in payroll employment. These readings seem at odds with the strength that is being suggested by the household sector data.

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