Richmond Fed's Barkin says a 'crack' in the job market still 'a ways out there'

[U.S. Federal Reserve]

Federal Reserve Bank of Richmond President Tom Barkin said Thursday the labor market remains balanced, with any meaningful weakening still "a ways out there."

Citing discussions he had with businesses in his district, Barkin noted there's been a pullback in both hiring and firing.

Overall, business sentiment has been on the rise, he said in a virtual chat. "Maybe the fog is starting to lift," he reiterated.

Earlier in the week, the Richmond Fed chief said the "fog is lifting" [https://seekingalpha.com/news/4483932-feds-barkin-says-fog-is-lifting-on-us-economy-citing-tariff-deals-tax-bill] on the U.S. economy, pointing to the passage of key tax legislation, tariff developments and greater clarity on immigration policies.

But the fog is not lifting on the hiring side, Barkin said, "and it's only marginal on the investing side."

This is a developing story. Check back for updates.

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