The jobless rate also rose to 3.9 percent during the same period, higher than what economists forecasted. The report by the Labor Department comes days after a Federal Reserve committee voted to hold off on cutting interest rates.
“The slower jobs report will be welcome news to the Federal Reserve and signals that interest rate hikes are impacting a labor market that has been extremely resilient over the past few years,” said Joseph Gaffoglio, president of Mutual of America Capital Management.
“The Fed clearly stated that it is taking a cautious approach on the timing of any interest-rate cuts to ensure that inflation is well contained, and this could lead to continued pressure on the jobs market in the months to come.”
Prices were up 3.5 percent in March from a year ago, according to the most recent consumer price index (CPI), creeping further away from the Fed’s goal than it was at the end of last year, when the central bank signaled rate cuts in 2024.
Just 34 percent of voters approve of how President Biden has handled the economy, and 29 percent approve of his handling of inflation, according to a recent CNN poll.
He’s also trailing former President Trump, the presumptive Republican presidential nominee, who voters perceive would do a better job with the economy than Biden.
As the 2024 election season ramps up, so has scrutiny of the Fed and its interest rate policy.
The Hill’s Taylor Giorno has more here.
