US probably shed jobs last year, top Federal Reserve official says
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Governor Chris Waller says he would back March rate cut if there are further signs of weakening in labour market
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The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to th...
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US probably shed jobs last year, top Federal Reserve official says on x (opens in a new window) US probably shed jobs last year, top Federal Reserve official says on facebook (opens in a new window) US probably shed jobs last year, top Federal Reserve official says on linkedin (opens in a new window) US probably shed jobs last year, top Federal Reserve official says on whatsapp (opens in a new window) Save US probably shed jobs last year, top Federal Reserve official says on x (opens in a new window) US probably shed jobs last year, top Federal Reserve official says on facebook (opens in a new window) US probably shed jobs last year, top Federal Reserve official says on linkedin (opens in a new window) US probably shed jobs last year, top Federal Reserve official says on whatsapp (opens in a new window) Save Claire Jones in Washington and Ray Douglas in London Published February 23 2026 Jump to comments section Print this page Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world US employment probably fell in 2025, underscoring how the labour market weakened during the first year of Donald Trump’s second term, according to new projections by a top Federal Reserve official. Fed governor Chris Waller said at a conference in Washington on Monday that official data from the Bureau of Labor Statistics — which show job creation fell to an average of 15,000 new positions a month last year — contained an “upward bias”. Waller said, accounting from the likely further revision in those figures next year, it seemed “clear that payroll employment in the United States probably fell in 2025”. Declines in payrolls have rarely occured outside of recessions, according to data stretching back to 1939. Waller said in the speech it was “only the third year that has happened since 1945.” The Fed cut short-term borrowing costs three times over the second half of last year, amid signs that, after years of stro...
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