Fed’s Mester lauds jobs data but says it’s not enough to change policy


May’s job gains were “solid” but not enough to change the direction of monetary policy, Cleveland Fed President Loretta Mester told CNBC.

“Bottom line, I would like to see further progress than where we are right now,” Mester told CNBC’s Steve Liesman during a live “Squawk on the Street” interview Friday.

The Labor Department reported a gain of 559,000 nonfarm payroll jobs during the month, a significant increase during normal times but still below the 671,000 Dow Jones estimate for an economy expected to be accelerating out of the pandemic crisis.

Despite the gains, Mester said the payroll increase does not meet the “substantial further progress” benchmark the Fed has set before it will…


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