For policy, Fed must consider not just macro but micro economy: Dudley

In remarks that did not address the current state of U.S. monetary policy, Dudley said that "micro-level" economic data can paint a different picture of the U.S. economy and must be better understood.

"Looking at the national unemployment rate tells only part of the story of the labor market experiences for different groups of individuals," he said. "Understanding this diversity is critical to better understanding the health of the labor market and the overall economy, and is important for informing policy."

Dudley, a close ally of Fed Chair Janet Yellen and a permanent voter on policy, noted for example that younger and less-educated workers, as well as black and Hispanic Americans have "significantly higher" unemployment rates compared to older and better-educated Americans.

U.S. unemployment was 5.1 percent in September.

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)