Job creation in the U.S. has effectively stalled, with Federal Reserve Chair Jerome Powell noting “zero net job creation” in the private sector over the past six months.

Despite slightly higher economic growth projections, the Fed sees little change in the unemployment rate, which rose to 4.4% in February.

Powell said the economy may not need as many new jobs due to low labor force growth, lower participation rates, and declining immigration.

Revisions to December and January job gains show barely any growth over three months, and labor demand has softened, Yahoo Finance has reported.

In its latest statement, the Fed emphasized that job gains have remained low and the unemployment rate has been largely unchanged in recent months.