Policy makers “take a more holistic view” that incorporates a wider range of economic gauges, according to Feinman, a former Fed senior economist who is based in New York.
Bernanke said at a March 20 press conference that before curbing purchases, the FOMC seeks “sustained improvement across a range of indicators” including payrolls, wages, claims for unemployment insurance, quit rates and economic growth.
“It’s ultimately a broader-based assessment of the labor market,” Feinman said. “Payrolls are obviously a very important part of that, but they’re not the only part. The sustainability is very important too.”