ADP data point to ‘solid trend’ in employment — Fed’s Tarullo

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Daniel Tarullo, the outgoing Federal Reserve governor, said that upbeat data released on Wednesday on private-sector payrolls represent the latest sign of the “solid trend” in the American labour market.

Mr Tarullo’s remarks to CNBC echo those of many other senior Fed officials who have said in recent weeks that the incoming data have bolstered their view that the jobs market has continued to tighten. The Fed projected in March that it will raise rates a total of of three times this year, representing a pick-up from the one-a-year pace in 2015 and 2016.

The Fed governor announced in February that he will be retiring this week.

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