"There is a lot of thinking that the labor market may give a better real-time picture in some cases than does GDP data," Powell said. "If you look at prior downturns, you'll often see they weren't predicted by GDP data but they were by one or more aspects of labor market data."
"This disconnect in the data could pose a dilemma to the FOMC, whose members still see GDP growth and unemployment moving in the opposite directions," Marco Casiraghi, an economist at Evercore ISI, told Axios in Nashville after Powell spoke.
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