(AmericanProsperity.com) – The United States has added over one hundred and forty thousand jobs in the last month, according to the Labor Department.
This information emerges as the U.S Federal Reserve announced the preparation of cutting interest rates for the first time in four years. Economists did predict that the labor market would add one hundred and sixty-two thousand jobs, so it was less than forecasted, but it still shows economic growth.
Unemployment rates have dropped slightly, which was expected, but U.S. stock markets have fallen due to worries of a non-economic downfall and because AI may not be as lucrative as previously projected.
As the United States approaches the election in November, one of the biggest topics discussed in politics right now is the economy. When it comes to the economy and unemployment, Donald Trump ranks three percent higher than Kamala Harris, according to a report by Reuters.
The job market has taken a considerable hit from having over two hundred thousand jobs added in a month to about one hundred and seventy thousand jobs added in a month. The Labor Department recently reported that the number of job openings has fallen to its lowest point in over three years.
Jerome Powell, the Fed Chair, has said that they plan to reduce interest rates, saying “the time has come” after almost four years of fighting inflation.
Powell added, “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
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