Fed's Kashkari says there is still some slack in the labor market

Minneapolis Fed President Neel Kashkari said Friday there are still many Americans without jobs even though the unemployment rate fell to 3.8% in May, an 18-year low. "I still think there is some slack in the labor market," Kashkari said, during a panel discussion on work force barriers at the Minneapolis Club. He said the unemployment rate was misleading because it only counted people who are actively looking for work. Labor force participation data for workers aged 25-55 suggest there are 1 million fewer prime-age workers in the labor force in 2018 than in 2006, he said.