‘Behind the curve’: Pressure mounts for Fed rate cuts after massive employment revision
New numbers released by the Labor Department could boost Trump’s argument for lower borrowing costs.
By Nick Niedzwiadek and Sam Sutton, AP
The U.S. labor market is on much weaker footing than many economists had assumed — and President Donald Trump’s campaign to pressure the Federal Reserve to slash interest rates is about to turn the dial to 11.
The economy added 911,000 fewer jobs than previously estimated in the 12 months ending in March, according to Labor Department data released Tuesday, wiping out about half the employment growth that had been reported during that span. That, plus recent revisions that erased most of the job gains reported through the spring, all but assures that Fed policymakers will lower short-term interest rates when they meet next week.
