Research/Study
Economists blame the Fed for jobs report missing expectations. Trump sycophants instead blamed Kamala Harris.
Economists agree the Federal Reserve should have already begun cutting interest rates, and that the economy is still strong
Published
On August 2, the Bureau of Labor Statistics released the jobs report for July 2024, showing 114,000 jobs created in the previous month and the unemployment rate rising from 4.1% to 4.3%. Both measurements missed expectations. Economists quickly explained that while the overall economy is still strong, this jobs report indicates that the Federal Reserve has been late in cutting interest rates, which remained unchanged after the Federal Open Market Committee met earlier this week.
Despite these facts, pro-Trump pundits, activists, and social media accounts rushed to blame the jobs report missing expectations on likely Democratic presidential nominee Vice President Kamala Harris. This blame is even more misplaced given that the Fed, which sets interest rates and has a dual mandate of pursuing full employment alongside low and stable inflation, is an independent agency and is still chaired by Republican Trump appointee Jerome Powell.