© Reuters. FILE PHOTO: The Federal Reserve building is seen in Washington June 19, 2012. REUTERS/Yuri Gripas/File Photo
By Howard Schneider
WASHINGTON (Reuters) -Since adopting a new approach to U.S. monetary policy weighted towards ensuring a strong labor market, Federal Reserve officials have been reluctant to define key terms like “maximum employment,” arguing they did not want to prejudge how many jobs the economy could produce but feel their way toward that end.
They are hesitant no longer, and data on Friday showing the unemployment rate fell https://www.reuters.com/markets/us/us-employment-growth-misses-expectations-unemployment-rate-falls-39-2022-01-07 to 3.9% in December is likely to confirm the growing sense at the central bank that its mission on jobs is finished – despite millions of positions still missing from before the coronavirus pandemic and large shortfalls in women’s employment particularly.
The U.S. Labor Department’s…