--- title: "Dovish San Francisco Fed's Daly Turns Hawkish: Zero Job Growth Doesn't Necessarily Mean Labor Market Weakness" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/281664119.md" description: "A dovish San Francisco Fed Chair Daly stated that against the backdrop of near-stagnant labor force growth, zero or even negative non-farm payroll growth would not necessarily indicate a weakening labor market. The ample, dynamic labor market that has long dominated expectations in recent years may seem out of reach. Coupled with inflation data that has consistently exceeded targets, policymakers must more clearly articulate how they will steer the economy towards its statutory goals" datetime: "2026-04-03T22:26:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281664119.md) - [en](https://longbridge.com/en/news/281664119.md) - [zh-HK](https://longbridge.com/zh-HK/news/281664119.md) --- > 支持的语言: [English](https://longbridge.com/en/news/281664119.md) | [繁體中文](https://longbridge.com/zh-HK/news/281664119.md) # Dovish San Francisco Fed's Daly Turns Hawkish: Zero Job Growth Doesn't Necessarily Mean Labor Market Weakness **A 2027 FOMC voter and dovish San Francisco Fed Chair Daly stated that against the backdrop of near-stagnant labor force growth, zero or even negative U.S. non-farm payroll growth would not necessarily indicate a weakening labor market.** Daly said in a blog post on Friday that when labor force growth approaches zero, zero or even negative net job creation in a given month may still be in line with expectations and not necessarily a sign of weakness. So, what does this mean for monetary policy? First, job growth itself is unlikely to be a reliable measure of labor market strength. Ratio and rate indicators such as the employment-to-population ratio, unemployment rate, quit rate, or hiring rate incorporate changes in the labor force, providing a clearer picture of the labor market's health. Communication will become more difficult. It is not easy to make people understand that zero job growth is consistent with full employment. **The ample, dynamic labor market that has long dominated expectations in recent years may seem out of reach. Coupled with inflation data that has consistently exceeded targets, policymakers must more clearly articulate how they will steer the economy towards our statutory goals.** On the same day, the U.S. released stronger-than-expected non-farm payroll data. U.S. non-farm payrolls increased by 178,000 in March, the highest in over a year, and the unemployment rate unexpectedly fell to 4.3%. In response, the "CNBC" reported that stronger-than-expected job growth temporarily eases the Fed's dilemma, and the market is reducing its bets on interest rate cuts. ### 相关股票 - [NASDAQ-100 (.NDX.US)](https://longbridge.com/zh-CN/quote/.NDX.US.md) - [Invesco QQQ Trust (QQQ.US)](https://longbridge.com/zh-CN/quote/QQQ.US.md) - [Invesco Nasdaq 100 ETF (QQQM.US)](https://longbridge.com/zh-CN/quote/QQQM.US.md) - [Proshares UltraPro QQQ (TQQQ.US)](https://longbridge.com/zh-CN/quote/TQQQ.US.md) - [Dow Jones Industrial Average (.DJI.US)](https://longbridge.com/zh-CN/quote/.DJI.US.md) - [ProShares Ultra QQQ (QLD.US)](https://longbridge.com/zh-CN/quote/QLD.US.md) - [NASDAQ Composite Index (.IXIC.US)](https://longbridge.com/zh-CN/quote/.IXIC.US.md) - [S&P 500 (.SPX.US)](https://longbridge.com/zh-CN/quote/.SPX.US.md) - [Dow Jones U.S. Index (.DJUS.US)](https://longbridge.com/zh-CN/quote/.DJUS.US.md) - [Fidelity Nasdaq Composite Index ETF (ONEQ.US)](https://longbridge.com/zh-CN/quote/ONEQ.US.md) ## 相关资讯与研究 - [WRAPUP 1-US employment growth likely rebounded in March, war casting shadow over labor market](https://longbridge.com/zh-CN/news/281601429.md) - [Top alert-U.S. March nonfarm payrolls +178,000 (consensus +60,000) vs February -133,000 (prev -92,000), January +160,000 (prev +126,000)](https://longbridge.com/zh-CN/news/281637365.md) - [U.S. payrolls rose by 178,000 in March, more than expected; unemployment at 4.3%](https://longbridge.com/zh-CN/news/281637895.md) - [U.S. Employers Added A Surprisingly Strong 178,000 Jobs Last Month](https://longbridge.com/zh-CN/news/281642808.md) - [US weekly jobless claims fall as layoffs remain low](https://longbridge.com/zh-CN/news/281525307.md)