While the unemployment rate fell to 3.5% in March and over 236,000 jobs were added, President Joe Biden has not seen a political payoff for the good economic news.
Despite positive job numbers, Americans are feeling pessimistic about the economy due to high inflation, the ongoing effects of the pandemic, and political polarization, according to the Associated Press.
The Federal Reserve expects the jobless rate to increase to 4.5%, while the Congressional Budget Office forecasts a 5.1% unemployment rate. Biden’s proposed budget also models an increase to 4.3% from the current rate.
Wall Street analysts say the Fed may raise interest rates to tame inflation, which could cause a decline in demand and could increase joblessness.
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