Speaking to reporters at the White House, the U.S. President reiterated that the benchmark interest rate “should be much lower,” ahead of the Federal Reserve’s decision scheduled for Wednesday.
The annual adjustment by the BLS revealed a downward revision of 0.6% in total nonfarm employment, which is higher than the 0.2% average over the past decade.
According to a report by CNBC, BofA economist Claudio Irigoyen said in a recent note that there is a supply-driven slowdown in the labor market and that inflation remains above the central bank’s 2% target.
