NFIB Weekly News

NFIB Weekly News Business Climate

Media Analyses: Strong Jobs Report Eases Pressure On Fed To Cut Rates (07/09/2019)

Under the headline, “US Adds Solid 224,000 Jobs; Fed Rate Cut May Be Less Certain,” the AP (7/5, Boak) reported the Labor Department on Friday announced that “employers sharply stepped up their hiring in June, adding a robust 224,000 jobs,” which the AP said is “an indication of the economy’s durability after more than a decade of expansion.” However, the AP added that “the strength of the jobs report...could complicate a decision for the Federal Reserve late this month on whether to cut interest rates to help support the economy.” Trump told reporters, “If we had a Fed that would lower interest rates, we’d be like a rocket ship. ... But we don’t have a Fed that knows what they’re doing.” According to the AP, the June number “suggests that many employers have shrugged off concerns about weaker growth...Trump’s trade wars and the waning benefits from U.S. tax cuts.”