The jobless rate in the United States rose to 3.9 percent, which was higher than what economists had predicted. This increase was reported by the Labor Department shortly after a Federal Reserve committee decided not to cut interest rates. Joseph Gaffoglio, the president of Mutual of America Capital Management, stated that the slower jobs report would likely be seen positively by the Federal Reserve.
The Fed has been cautious about the timing of any interest rate cuts to ensure that inflation remains in check. This caution could continue to put pressure on the job market in the upcoming months. Prices were up 3.5 percent in March compared to a year earlier, which is further away from the Fed’s inflation target than at the end of last year.
Recent polls have shown that voters are dissatisfied with President Biden’s handling of the economy and inflation. A CNN poll revealed that only 34 percent of voters approve of President Biden’s handling of the economy, and 29 percent approve of his handling of inflation. Additionally, voters perceive former President Trump, the presumed Republican presidential nominee, as being better suited for managing the economy than Biden.
As the 2024 election draws closer, there has been increasing scrutiny of the Fed and its interest rate policies. The Hill’s Taylor Giorno has more information on this topic.