Waller Says Job Market Biggest Concern, Payrolls Likely Negative

Federal Reserve Governor Christopher Waller said job growth has probably been negative for the last few months and the labor market is now his biggest concern.

“The labor market is weak, and that’s the punchline for policy. That’s what we need to know,” Waller said in an interview on CNBC Friday.

The September jobs report, scheduled to be released last week, was delayed due to the government shutdown. Waller said that data from private sources, such as jobs figures from ADP, are confirming the picture of a softening labor market.

Federal Reserve Governor Christopher Waller.

Photographer: Al Drago/Bloomberg

“They’re not really representative, and they’re very specific, but ...