The former Treasury Secretary is encouraged by recent jobs data, but told Bloomberg TV that union activity could become an economic disruptor.
August's jobs report brings the US a step closer to a soft landing, Larry Summers said.A recent UPS union deal that secured higher pay for drivers is likely inconsistent with the Fed's 2% inflation target, he said.
"I still think the road to a soft landing is a very difficult one, but this was a step down that road," he toldSpecifically, he noted that the 187,000 new jobs added last month— paired with a rise in weekly working hours — were signs of continued economic strength. "These numbers are consistent with very optimistic scenarios," he said. "I don't think they determined that they're in a very optimistic scenario, but there are all sorts of things that could have been alarm bells in today's numbers that didn't ring."
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