The February report underscores a labor market that remains resilient but is showing signs of cooling. Recent data had pointed to a slowdown, including weaker-than-expected private payrolls growth in the ADP employment report and indications of softening consumer spending. However, weekly jobless claims remain low, suggesting that layoffs have yet to rise meaningfully.
Elon Musk’s team at DOGE is having an impact. Federal government employment declined by 10,000 in February.
For the Federal Reserve, today’s report adds another piece to the puzzle ahead of its next policy meeting. Markets are closely watching Chair Jerome Powell’s scheduled remarks later today, his final public comments before the Fed’s upcoming rate decision. Investors, already jittery from mixed economic signals, are bracing for volatility in stocks and bonds as they assess whether today’s data strengthens or weakens the case for interest rate cuts later this year.
The report strengthens the case for tax cuts as a way to bolster economic momentum. With job growth slowing and unemployment edging up to 4.1 percent, the economy is showing signs of strain, particularly as businesses continue to strain under the legacy of Biden’s regulatory overreach.
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