Job growth is back on track, a panel of economic analysts said Friday on CNBC's "Squawk Box," after the September employment report. And the Fed is unlikely to alter its zero-rate policy in response.
"This is a positive report ... we might nitpick some of the specifics, but it's a positive report," said Gary Stern, former president of the Minneapolis Fed.
When asked whether the Fed should be acting sooner on revising its zero interest rate policy, Stern said the central bank is data dependent and the labor numbers don't show the entire picture.
"As Janet Yellen and other Fed officials have made clear ... the labor market conditions are the ballgame. And labor market conditions clearly have been getting better for a sustained period of time now, but the Fed is concerned that the numbers ... the gain in employment, the decline in unemployment rate, don't present the entire picture ... so they prefer obviously to be very cautious," Stern said.
He did note that the time for the Fed to take action is "gradually moving forward" and that the central bank is generally content with people believing that the rate hike will be coming in the middle of 2015.
Austan Goolsbee, former chairman of the Council of Economic Advisors under President Barack Obama, agreed with Stern that since this jobs report did not have any evidence of wage inflation, it is clear why the Fed has not taken action.
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Stern said that there has been too much negative emphasis on discouraged workers and the drop in the labor force participation rate.