If those numbers are unusually strong, they might move to tighten policy further.

The government responded by tightening monetary policy, raising rates five times, to 6 percent in 1989 and 1990.

"With the level of real economic activity still low, there is no chance they will move to tighten monetary policy," he added.

With the economy sluggish, no effort was made to tighten fiscal policy.

"There is a general feeling now that none of the world's central banks want to tighten monetary policy."

But some economists said there is still a chance that the central bank could tighten monetary policy.

It is at that point the Bank needs to decide whether to tighten monetary policy again.

That, in turn, will probably cause the Fed to tighten policy at least once more.

"I don't think these figures mean the Fed will have to tighten policy further."

After looking at the employment numbers, one money manager said he agreed that the Fed would tighten policy again.