Fed meeting notes unemployment remains low

The Federal Reserve released its July meeting notes, in which it noted that in discussing the labor market, participants noted that the unemployment rate remained low and that employment was at or near estimates of maximum employment levels. Several participants noted that the low level and stability of the unemployment rate was the result of a combination of low hiring and low layoffs. Some participants said their contacts and business survey respondents reported that companies were reluctant to hire or lay off workers amid high uncertainty. Regarding the labor market outlook, some participants mentioned indicators that could indicate weak labor demand, including slower job growth and a more concentrated, cyclically sensitive rise in black and youth unemployment, as well as lower wage increases for job-hoppers than those who stayed.