The Labor Department reports the economy added 143,000 jobs in February, continuing a hiring trend but falling short of analysts’ expectations.In 2024, the economy added an average of 186,000 jobs per month.In 2023, it was 251,000.In 2022, it was 377,000.In 2021, the economy added a record 604,000 jobs per month as it roared back from the pandemic.Inflation also surged during that time, peaking in 2022 at a decades-high of more than 9% before falling to about 3%.Price growth remains higher than the Federal Reserve’s goal of 2% per year.Last month, the Federal Reserve put interest rate cuts on hold, keeping borrowing costs high to avoid reigniting runaway inflation.The soonest they could cut rates next is in March.President Donald Trump appointed the current Federal Reserve Chair, Jay Powell, during his first term.Trump has become critical of Powell, saying recently that if he demands lower interest rates, he expects Powell to listen to him.This has made investors concerned about political influence on a traditionally independent central bank.Treasury Secretary Scott Bessent is trying to tamp down those fears.Bessent said this week the Trump administration wants to influence long-term interest rates, like those impacting mortgages and credit cards, and let the Fed focus on short-term interest rates.Unemployment ticked down to four percent in January. Unemployment has been a record-setting low of 4.2% or less since November 2021.
The Labor Department reports the economy added 143,000 jobs in February, continuing a hiring trend but falling short of analysts’ expectations.
In 2024, the economy added an average of 186,000 jobs per month.
In 2023, it was 251,000.
In 2022, it was 377,000.
In 2021, the economy added a record 604,000 jobs per month as it roared back from the pandemic.
Inflation also surged during that time, peaking in 2022 at a decades-high of more than 9% before falling to about 3%.
Price growth remains higher than the Federal Reserve’s goal of 2% per year.
Last month, the Federal Reserve put interest rate cuts on hold, keeping borrowing costs high to avoid reigniting runaway inflation.
The soonest they could cut rates next is in March.
President Donald Trump appointed the current Federal Reserve Chair, Jay Powell, during his first term.
Trump has become critical of Powell, saying recently that if he demands lower interest rates, he expects Powell to listen to him.
This has made investors concerned about political influence on a traditionally independent central bank.
Treasury Secretary Scott Bessent is trying to tamp down those fears.
Bessent said this week the Trump administration wants to influence long-term interest rates, like those impacting mortgages and credit cards, and let the Fed focus on short-term interest rates.
Unemployment ticked down to four percent in January. Unemployment has been a record-setting low of 4.2% or less since November 2021.
