(Bloomberg) -- Federal Reserve Bank of Richmond President Thomas Barkin said that moderating employment last month was a welcome indication of a normalization of the labor market but that his view on whether to raise rates again will depend more on inflation reports. 

“What we saw today was data that showed a gradual lessening of the job market,” Barkin said in a CNBC interview Friday. “I think that’s what those who would like to not see another rate hike would want to see. We’ll see what inflation comes in.”

The US central bank’s policy-setting Federal Open Market Committee held interest rates at a 22-year high for a second straight meeting on Wednesday. Chair Jerome Powell told reporters in a press briefing that it’s an open question whether the central bank would need to hike again, and that the Fed is “proceeding carefully,” an assessment that’s often suggested a reluctance to move rates in the near term.

The labor market is coming into “better balance,” Barkin said. “Supply has been getting better, demand’s coming off, particularly in places like professionals. It’s still hot in skilled trades.”

Barkin said he wouldn’t prejudge the FOMC’s December meeting. His comments came after a report showed a cooling jobs market. Nonfarm payrolls increased 150,000 last month following a downwardly revised 297,000 in September, a Bureau of Labor Statistics report showed Friday. The unemployment rate climbed to 3.9%, and monthly wage growth slowed. 

©2023 Bloomberg L.P.