Within the walls of the White House, it was seen the same way, stoking relief among officials, who said the data hewed near the team’s own targets for ideal job creation.
In the wake of the latest jobs report, many market participants are now expecting the Federal Reserve to begin cutting interest rates in September, potentially easing a source of consternation for voters.
Mark Zandi, an economist at Moody’s cited frequently by the White House, said certain psychological thresholds will remain important as the election approaches.
In the meantime, White House officials continue to watch the data carefully and refrain from declaring victory until it bears out the trajectory the Biden administration wants to see.
“The best measure of inflation is inflation,” the official told CNN.
Persons:
Joe Biden, Ron Klain, “, Mark Zandi, Moody’s, ” Zandi, Biden “, ” Biden, Mandel Ngan, – Biden, Biden
Organizations:
CNN, Federal Reserve, White, Biden, Democratic, Reserve, Wilmington Convention, Getty
Locations:
Wilmington, Wilmington , North Carolina, AFP