In an interview published in Friday’s issue of Bloomberg Wall Street Week, Harvard professor, economist, director of President Barack Obama’s National Economic Council, and President Bill Clinton’s Secretary of the Treasury Larry Summers responded to the report. “We are in unprecedented territory in terms of job vacancies to the unemployed, I don’t think we can stop worrying about inflation”.
Summers said there was nothing in the employment report that “could significantly change someone’s mind that fiscal policy should be taken at the next meeting, or perhaps a meeting after the next.” I think what starts to turn things around will be very strong evidence that the economy has slowed significantly across the board in terms of consumption and investment demand. If you see a sharp drop in the vacancy rate and employee turnover rate, I think that’s a number to watch. “But I don’t think we can stop worrying about inflation as long as we’re in a region that’s almost unmatched in terms of open positions to unemployed.”
Source: Breitbart
