Richmond Federal Reserve Bank president Thomas Barkin said that the March employment situation report, released earlier today, is quite strong.
"It's been 26 months in a row with unemployment below 4%," he noted, adding that that's the first time since the late '60s. "So the job market is very strong," Barkin underscored.
The official admitted that businesses are reluctant to lay off workers, even with consumption showing signs of easing.
Also, Barkin said that the reduction in inflation has been an unbalanced mix.