Unemployment rate also increased 3.9% It exceeded economists’ expectations during the same period. The Labor Department’s report was released days after the Federal Reserve voted to hold off on cutting interest rates.
“The slowdown in employment data is welcome news for the Federal Reserve, as rate hikes have an impact on the labor market, which has shown great resilience over the past few years,” said Joseph Gaffoglio, president of Mutual of America Capital Management. This suggests that it is having an impact.”
“The Fed has been clear that it will take a cautious approach to the timing of rate cuts to ensure inflation is contained, which could lead to continued pressure on the job market in the coming months.”
prices were going up 3.5 percent The latest consumer price index (CPI) showed March’s year-on-year rate of change is further from the Fed’s target than late last year, when the central bank signaled a rate cut in 2024.
Only 34% of voters approve of the way President Biden is handling the economy. 29 percent A recent CNN poll shows support for his handling of inflation.
He also trails former President Donald Trump, the Republican presidential nominee who voters believe will do a better job on economic policy than Biden.
As the 2024 election season gets into full swing, scrutiny of the Fed and its interest rate policy is also increasing.
The Hill’s Taylor Giorno has more here.
