Nancy Marshall-Genzer

The Fed announced yesterday that 11 of the 12 regional Fed bank presidents were reappointed to their jobs for new five-year terms, which start March 1st of next year.

The 12th Atlanta Fed President Rafael Bostic already announced he's retiring.

The regional Fed presidents are appointed by each bank's board of directors and need final approval from the Fed's Board of Governors in Washington tomorrow.

They have to be reappointed by the Fed every five years.

This is normally a mundane process, but recently Treasury Secretary Scott Besson said there should be a new rule, a requirement that regional Fed bank presidents have lived in their districts for at least three years.

The vote to reappoint the regional bank presidents was unanimous, meaning it appears that Fed Governor Stephen Myron supported it.

Myron served as chair of President Trump's Council of Economic Advisors until he was appointed to the Fed.

He's now on leave from his White House job.

I'm Nancy Marshall-Genzer for Marketplace.

Fed Chair Jerome Powell says the Fed is facing, quote, a complicated, unusual, difficult situation because the Bureau of Labor Statistics could be overestimating the number of jobs being created by about 60,000 a month.

Powell says the actual number could be negative, a loss of 20,000 jobs per month.

The Fed Chair says this kind of forecasting is tough.

The BLS is going to change its modeling a bit.

That could make the numbers more accurate starting this February.

But in the meantime, Powell says, we're in a situation... Where job creation may actually be negative.

which could be giving workers a false sense of security.

The BLS is scheduled to release the November jobs numbers next week.

Jobs data from this fall is late and in some cases incomplete because of the government shutdown.

I'm Nancy Marshall-Genzer for Marketplace.