Powell Says U.S. Labor Market ‘Very Strong’ by Many Measures

Bloomberg – Federal Reserve Chairman Jerome Powell delivered a bullish assessment of the U.S. economy and the job market on the eve of the scheduled release of November employment data.

“Our economy is currently performing very well overall, with strong job creation and gradually rising wages,’’ Powell said in the text of a speech to be delivered to a housing conference in Washington on Thursday. “In fact, by many national-level measures, our labor market is very strong.’’

Economists are forecasting a moderating but still strong pace of hiring in the Labor Department’s monthly report Friday at 8:30 a.m. in Washington, despite some job-market data this week showing the potential for cooling.

Powell’s comments are his final scheduled public remarks before the Fed goes into a blackout period before its Dec. 18-19 policy meeting, at which officials are expected to raise interest rates by a quarter percentage point fore the fourth time this year.