Fed's Powell says officials are watching layoff news

By Michael S. Derby

Oct 29 (Reuters) - Federal Reserve Chairman Jerome Powell said on Wednesday the U.S. central bank is tracking what could be deteriorating job market conditions as lower-income households are showing more signs of stress.

When it comes to rising announcements of layoffs, “We're watching that very carefully” as it can impair job creation, Powell said at a press conference, while noting that the announced layoffs haven’t pushed up jobless claims yet.

He added, “We think there is something there” that high-end households are doing well and spending and others are facing rising challenges.