Connie Razza, Director of Strategic Research for the Center for Popular Democracy released the following statement following today’s jobs report: 

“The December jobs report showed modest progress for the economy, but lingering problems cast doubt on recent claims by numerous Fed policymakers that we are near full employment. The employment to population ratio for prime-age workers remained flat throughout 2015, showing that job gains are growing in sync with the growth in new prime-age workers. And today’s report also showed that nominal wage growth, which has been insufficient for years, remained well below target. A healthy labor market would be adding enough jobs that workers could demand higher wages.  

Despite chronic signs of economic weakness, the Federal Reserve prematurely chose to raise interest rates last month. Recently released minutes from the Fed’s December meeting showed that Fed officials voted to raise rates despite “significant concern about still-low readings on actual inflation and the uncertainty and risks present in the inflation outlook.” With the economic recovery still sluggish and inflation still well below the Fed’s target, there is simply no reason to further slow down the economy. Fed officials must look beyond the top-line unemployment number in assessing whether we are at full employment, and proceed with caution at upcoming FOMC meetings.” 

To schedule interviews with Connie Razza, send an email to ajain@populardemocracy.org. 

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The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.