Fed’s Cook Says Jobs Data Suggest ‘Turning Point’ for Economy

Federal Reserve Governor Lisa Cook called the July jobs report “concerning,” and said it could signal an inflection point for the US economy.

“These revisions are somewhat typical of turning points,” Cook said Wednesday during a moderated discussion organized by the Boston Fed.

Data published last week pointed to a sharp cooling in the labor market over the last few months. Employers added a lower-than-expected 73,000 jobs in July, and gains in the prior two months were revised down by nearly 260,000, according to the Bureau of Labor Statistics. The unemployment rate ticked up to 4.2% ...