[Federal Reserve Meeting Minutes: Divergence Between Slowing Job Growth and Moderate Economic Growth]
The Federal Reserve's October meeting minutes reveal that participants discussed the difficulty in assessment due to the absence of the September employment report, relying instead on private sector data, limited government data, and business survey information. Current indicators show that layoffs and hiring remain at low levels, with the labor market gradually cooling between September and October without a sharp deterioration. Participants believe that the slowdown in job growth is primarily due to reduced labor supply and moderate economic growth, as well as weakened demand caused by uncertainty. Some noted that investments related to artificial intelligence might exacerbate weak labor demand. Looking ahead, labor market conditions are expected to cool gradually, with businesses inclined to maintain their current workforce levels. Some participants suggested that the divergence between weak employment and moderate GDP growth might persist due to productivity improvements and continued constraints on labor supply.
