On the employment side of the Fed's dual

mandate, our country is doing well.

Labor markets are quite stable. The

jobless rate at 4.1%

remains low by historical standards and

hasn't changed much in a couple of

years. Unemployment claims on a 4-week

moving average are near their lowest

level in decades. In my view, the

relatively low turnover in today's labor

market is partly a result of the

significant rematching between employers

and employees that happen in the

post-pandemic environment. But when

labor supply is barely growing, monthly

job gains are naturally going to run

low. They're always area of concerns in

the labor market. For example, among

recent graduates in general though,

people who want to work by and large are

holding or finding jobs. They may well

be concerned about future labor

disruptions, but as of now, I believe

the labor markets are broadly consistent

with full employment.