Biden’s Economic Problems Continue To Get Worse

Gage Skidmore from Peoria, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons

( – On Friday the Labor Department released the latest data on job growth, noting that in April 175,000 jobs were added in the U.S. According to the report there was an increase in the jobless rate which has increased to 3.9 percent. 

April’s data shows a departure from previous months when job growth has exceeded expectations. Economists had expected the addition of 240,000 new jobs, while the unemployment rate was expected to be slightly lower at 3.8 percent. 

This latest report came only days after a Federal Reserve committee opted to delay any cuts to interest rates, which have been between 5.25 and 5.5 percent since last July. This is the highest interest rate in 23 years. The majority of traders have pointed out that they do not expect cutting rates from the Fed until September. 

Mutual of America Capital Management president Joseph Gaffoglio noted that the Federal Reserve would be welcoming the new data which show slowed growth as it could be viewed as a signal that the increase in interest rates is having an impact on the labor market. As he pointed out in the last few years the labor market had appeared to be very resilient. 

The Fed has noted previously that they were looking cautiously at the time of any possible cuts to the interest rates in order to ensure that inflation is contained. This could potentially mean that there will be additional pressure on the job market for the next few months. 

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