related to his handling of the economy. Biden is running low on time to turn around voter perceptions of his handling of the economy before the election.
While the economy is still adding jobs, the number was well short of expectations and a major slowdown from the months before.Friday’s report shows some cooling in the labor market. If subsequent reports continue to indicate that employment growth slowing, that would push up the timing of a cut in the Federal Reserve’s interest rate target.It is important not to read too much into any one jobs report. The payroll numbers bounce around from month to month, and are revised in subsequent reports.
Construction employment has remained robust, even as the housing market has taken a massive hit over the past few years as mortgage rates have soared alongside the Fed’s rate hikes. That’s in part because of a huge backlog of construction of multifamily housing over recent months. Economists will watch closely for any sign of slowing hiring in construction.