Trump hails strong August jobs report, calls for Fed rate cuts
Trump calls on the Fed to lower interest rates after a strong job report
On Friday, new data showed the US job market experienced significant expansion in August, surpassing expectations and offering Trump’s Republican Party a rise ahead of upcoming midterm elections.
According to the US Bureau of Labor Statistics statement, employment in the United States grew by 162,000 jobs in August, and the unemployment remained unchanged at 4.1 percent.
The report underlines that revisions to job numbers for June and July by a combined 55,000 indicates the labor market remains resilient.
On the contrary, the new data will be a blessing for Trump whose Republican Party faces a tough challenge from Democrats in the November midterm elections where the state's world's largest economy is a major issue for the voters.
Given the situation, several Fed policymakers have proposed raising interest rates if August's data does not maintain a downward trajectory in August.
Trump made a surprising link between the Fed’s setting of interest rates and Washington’s commercial ties with Fed’s interest rates.
Notably, the information technology sector lost 23,000 jobs with significant cuts in computing infrastructure, data processing and web hosting.
