PROVIDENCE, R.I. — Federal Reserve officials have increasingly acknowledged that the labor market might have more room to run, and Chair Jerome H. Powell made the point in perhaps the plainest way yet during a Monday evening speech.

While the job market is strong, benefiting low-wage workers and pulling prime-age adults back into the labor pool, “there is still plenty of room for building on these gains,” he told a room full of local business leaders assembled in Providence.

“The Fed can play a role in this effort by steadfastly pursuing our goals of maximum employment and price stability,” Mr. Powell said.

That does not mean that the central bank will adjust policy further. The Fed has cut interest rates three times in 2019 to insulate the economy against President Trump’s trade war and slowing global growth. It has now shifted into wait-and-see mode as it watches how its reductions — and global developments — shape up.