The latest report from the Labor Department revealed that the U.S. economy added 175,000 jobs in April, slightly below economists’ expectations, while the unemployment rate rose to 3.9 percent.

This comes after the Federal Reserve decided to maintain interest rates amid concerns over inflation and economic indicators.

Fed Chair Jerome Powell emphasized the need for caution in considering rate cuts due to lingering inflationary pressures.

President Biden, facing criticism over economic performance and inflation, could benefit from the positive job gains, but the slower growth may provide the Fed with more flexibility to address economic concerns.

High interest rates have increased borrowing costs for Americans, contributing to rising household debt and delinquency rates.

Biden’s handling of the economy and inflation is receiving low approval ratings, with former President Trump seen as a more favorable candidate on economic issues, The Hill reported.

As the 2024 election approaches, there is growing scrutiny of the Fed’s policies, with progressives advocating for rate cuts to alleviate economic burdens.

However, the Fed remains politically independent, as emphasized by Powell, who stated that politics do not influence their decision-making process.

Written by B.C. Begley