US Markets

Fed's Kaplan: data doesn't support firms' complaints on jobless benefits

Credit: REUTERS/ANN SAPHIR

Dallas Federal Reserve Bank President Robert Kaplan said on Monday that while "a lot" of his business contacts had complained that the now-expired $600 weekly benefits to the unemployed made it harder for them to hire, the data does not show that they hurt the job market overall.

By Ann Saphir

Aug 3 (Reuters) - Dallas Federal Reserve Bank President Robert Kaplan said on Monday that while "a lot" of his business contacts had complained that the now-expired $600 weekly benefits to the unemployed made it harder for them to hire, the data does not show that they hurt the job market overall.

"We've looked at a number of studies, we've done our own work: we don't see it as much in the data but I can tell you I'm hearing it from business people," Kaplan told Bloomberg TV. "While it may have made it hard for certain individual businesses to hire, it has helped create jobs, because it has helped bolster consumer spending, so the net effect still has probably been positive for the economy for employment."

(Reporting by Ann Saphir; Editing by Kevin Liffey)

((Ann.Saphir@thomsonreuters.com; +1 415-677-2516; www.twitter.com/annsaphir; Reuters Messaging: ann.saphir.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More