Stand by for Sean Spicer to declare that federal jobs data is fake once again. The New York Times reports:
Hiring in March was expected to drop after the monthly gains of more than 200,000 in the two previous months, but this marks the weakest showing for the economy in nearly a year. Just 98,000 jobs were added last month. Economists had been anticipating a gain of about 180,000 jobs for the month.
Although it represents just one month’s data, it will raise questions about whether improving business sentiment is actually translating into any meaningful action by employers.
If the anemic hiring persists, the Federal Reserve may be forced to reconsider its plan to raise interest rates twice more this year. Economists had been anticipating a gain of about 180,000 jobs for the month.
The robust numbers in January and February led some analysts to conclude that the economy was benefiting from a “Trump bump” after President Trump’s election, but hard data to support that argument has been scarce.
A month ago, Sean Spicer, the White House press secretary, claimed credit for the increased job creation on Mr. Trump’s behalf, saying it was a result of “the surge in economic confidence and optimism that has been inspired since his election.”