Federal Reserve Governor Warsh: Concerns about private sector employment are driving calls for interest rate cuts

Federal Reserve Board Governor Wall said that concerns about hiring in the private sector prompted him to call for a rate cut from the Federal Reserve this month. On Friday, Wall said in an interview, "The performance of the private sector is not as good as everyone imagines." The June employment report released in early July showed that, despite a decrease in the unemployment rate, job growth in the private sector slowed significantly, and wage growth also decelerated. However, Wall refused to disclose whether he would hold a different opinion if other decision-makers decided not to cut rates during the meeting in Washington on July 29-30.