Fed's Bullard says labor market has 'some room to run'

• The U.S. labor market is not yet near the point of getting too tight,  St. Louis Fed President James Bullard said.
• Unemployed people are still being attracted off the sidelines and into jobs, he said. 

James Bullard

David Orrell | CNBC

The U.S. labor market is not yet near the point of getting too tight as unemployed people are still being attracted off the sidelines and into jobs, St. Louis Fed President James Bullard said on Wednesday.

"We've got some room to run on that if you're worried about the labor market overheating," Bullard said following a speech given to an audience of financial analysts in Chicago.

"So I am modifying my views again a little bit about labor force participation," he added. "I do think when you get a very good labor market like we have today you do get people to rethink their labor force participation decision."