Fed official cautious on taper despite jobs bounce

Dennis Lockhart, president of the Federal Reserve Bank of Atlanta.
Scott Eelis | Bloomberg | Getty Images

There are still worries that U.S. economic growth is too slow to continue pushing down unemployment, despite better jobs figures for October, Atlanta Federal Reserve President Dennis Lockhart said on Friday.

Lockhart said while the job market has improved quite a bit since the end of the 2007-2009 recession, the deepest in generations, a lot more progress is still needed to return to healthier conditions.

"There are real concerns about whether the recent modest pace of GDP growth is enough to maintain employment momentum," Lockhart said, in prepared remarks.

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"Monetary policy overall should remain accommodative for quite some time. The mix of tools we use to provide ongoing monetary stimulus may change, but any changes will not represent a fundamental shift in policy.''

The U.S. economy generated a larger-than-expected 204,000 net new jobs in October, but the jobless rate ticked higher to 7.3 percent.