Speaking at the Institute of International Finance Summit in New York on Thursday, Federal Reserve Governor Daniel Tarullo said seasonal adjustments and cold weather weren’t the only factors that caused the economic slowdown during first quarter. ‘Maybe it’s just been a lag on the part of consumers to spend the de facto bonus they got from lower gasoline prices, something we haven’t seen much of to date.’ As for job creation, non-farm payrolls rose 191,000 on average, during each month of the first quarter, a drop of almost 34 percent from the monthly averages created during the fourth quarter of 2014, according to the Bureau of Labor Statistics. The Bureau will release the May jobs report on Friday morning. The consensus estimate for the number of jobs created during the month stands at 220,000. Aside from the latest reading on jobs, average hourly earnings will also be released on Friday. Tarullo said wages have remained weak, despite strong job creation. While he thinks wage growth will accelerate, weak wages can threaten economic growth. As for the markets, Tarullo said there will likely be more volatility ahead. TheStreet’s Scott Gamm reports from New York.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
