Bloomberg Talks Chicago Fed President Austan Goolsbee Talks Jobs Report, Stagflationary Concerns
Mar 6, 2026
Austan Goolsbee, President of the Federal Reserve Bank of Chicago and economist specializing in monetary policy and labor markets, reacts to the latest US jobs report. He discusses the Fed’s data-driven approach to timing policy. He flags how an oil price spike could push risks toward stagflation. He also weighs conflicting labor signals and the role of productivity.
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One Bad Jobs Month Is Worrisome Not Definitive
- The jobs report was weak and one month doesn't make a trend, but continued months like this would signal labor market trouble.
- Austan Goolsbee highlights steady consumer spending as the economy's strength yet warns stalled inflation near 3% keeps policy decisions cautious.
Data Dogs Means Wait When Signals Conflict
- Rising uncertainties push back the timing for Fed action because hiring is low while layoffs remain low, creating mixed signals.
- Goolsbee uses his 'data dogs' metaphor to emphasize sniffing for clarity rather than acting amid conflicting data.
Oil Spike Can Push Economy Toward Stagflation
- Oil price shocks act like supply shocks that can push the economy toward stagflation, complicating monetary policy responses.
- He stresses gauging duration and magnitude before judging whether higher oil is transitory or persistent.