Diccon Hyatt

GDP Data Highlighted The Possibility, But Economists Say It's Unlikely By Diccon Hyatt

Data Reinforce Notion That Interest Rates Likely Won't Be Cut Any Time Soon

Federal Reserve Chair Jerome Powell speaking at an event in Washington D.C. on April 16, 2024. Samuel Corum / Bloomberg / Getty Images

Workers assemble printed circuit boards at the Intervala manufacturing facility in Mount Pleasant, Pennsylvania. Justin Merriman / Bloomberg / Getty Images

Welcome to Investopedia's economics live blog, where we explain what the day's news says about the state of the U.S. economy and how that's likely to affect your finances. Here we compile data releases, economic reports, quotes from expert sources and anything else that helps explain economic issues and why they matter to you.

Key Takeaways Job openings fell in March to their lowest in more than three years, while hiring, quits, and layoffs declined as well. That combination, unusual for the labor market, mirrors the state of the housing market where more people are "locked in" to situations, for better or worse. Until this point, a hot labor market has discouraged officials at the Federal Reserve from lowering interest rates.

Members of the central bank’s policy committee voted unanimously Wednesday to hold the crucial fed funds rate at its current high level to fight inflation that's still running too hot for comfort.

Federal Reserve Bank Chair Jerome Powell announces that interest rates will remain unchanged during a news conference at the bank's William McChesney Martin building on May 01, 2024 in Washington, DC. Chip Somodevilla/Getty Images

The job market slowed down in April, adding fewer jobs than economists had expected. While the 175,000 jobs added isn't especially low by historic standards, it breaks a streak of hotter-than-forecast jobs reports.

There are potentially big changes coming to homebuying and selling this summer, and while no one is sure exactly how everything will play out, there’s at least a date: Aug. 17.