To be blunt, no.
The much-anticipated August jobs report for the month of August isn’t yielding much information regarding whether or not the Federal Reserve will cut interest rates. Though the economy added more jobs than it did in July, with 142,000, that figure is lower than what was expected from economists.
Democrats have been hoping that an interest rate cut will occur prior to the election taking place in November. The high cost of living is a thorn in the side of Vice President Kamala Harris’ campaign. A cut in rates would project economic optimism going forward- this would align nicely with the “opportunity economy” that Harris keeps referencing.
It remains to be seen whether or not that will happen, but it’s doubtful that a cut would have much of an impact on the election anyway. Voters’ perception of the economy is likely already ingrained and neither the August jobs report or a cut by half a percentage point wouldn’t do much to alleviate the inflation that’s defined President Joe Biden’s presidency.
The matchup between Harris and former President Donald Trump will likely rest upon the shoulders of their debate next week. The economy and the high cost of living will come up, surely, but this mixed job report neither helps nor hurts either candidate.
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