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Weak jobs number alone won’t sway Fed: Fisher

Friday, 7 Feb 2014 | 9:46 AM ET
FOMC not swayed by a single number: Fisher
Friday, 7 Feb 2014 | 8:45 AM ET
Richard Fisher, Federal Reserve Bank of Dallas president, weighs in on the weak jobs number and the likelihood of the Fed interrupting its tapering program. Also Dave Dorman, CVS Caremark chairman of the board, weighs in on the employment picture.

Despite another anemic jobs report, central bankers are on the right course with tapering their monthly bond purchases, Dallas Fed President Richard Fisher told CNBC on Friday.

"They are not swayed by a single number," said the hawkish Fisher, a voting member this year on the policy-setting Federal Open Market Committee.

Ahead of the report, he predicted on "Squawk Box" that weather was going to be a factor. "You're going to have a step back every now and then." But he added. "The real question is momentum in the economy. And it has been picking up."

The Labor Department said the economy added 113,000 nonfarm jobs, as the cold and snowy winter dampened hiring. The jobless rate fell to 6.6 percent—a function of a continued decline in the labor force.

(Read more: Wicked winter puts big chill on jobs creation)

Economists had expected 185,000 new positions in January with the unemployment rate holding steady at 6.7 percent. The December payrolls number was revised slightly higher to 75,000.

Fisher: Consumers 'frozen' by weather
We've seen a growth in the "diaper category, "Thomas Falk, chairman & CEO at Kimberly-Clark, sharing his thoughts on the pulse of the consumer. Richard Fisher, Federal Reserve Bank of Dallas, provides perspective on how Mother Nature is impacting the economy, jobs and Fed policy.

The weather has literally been freezing consumers out this winter, affecting economic data in December and January, Fisher said before the latest jobs report was released.

The Fed has scaled back its monthly bond purchases by $10 billion at each of its last two meetings. "I wanted to do a little bit more [tapering] the first time. I was happy with the most recent vote we had," Fisher said.

The next Fed meeting is scheduled in mid-March.

Reacting to the January jobs report, Fisher said he's skeptical of the notion that monetary policy is holding back hiring. "I believe that we need to continue this [tapering] process because the efficacy, the effect of it, is wearing very, very thin."

He also took a jab at Congress and the White House—saying "the Fed is carrying the load for [politicians] right now."

"We cannot affect anything but cyclical employment. Structural employment ... has to do with the way laws and incentives are created," he continued, "and that goes back to Congress of the United States and the Executive [Branch] of the United States."

—By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC. Reuters contributed to this article.

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