rising inflation A report from the Bureau of Labor Statistics (BLS) released Wednesday said employment rose slightly in October, even though employment growth slowed significantly in the same month.

The Federal Reserve on Thursday decided to cut the federal funds rate range by 0.25% in an effort to shore up the U.S. economy, citing falling inflation and slowing job growth. The decision follows a 0.5% rate cut in September, the first rate cut since March 2020, and the first change in Fed policy since July 2023. (Related: Biden-Harris administration has racked up about $1.78 trillion in regulatory costs so far on Americans)

The U.S. added just 12,000 new jobs last month, fewer than the 110,000 expected. In October, non-agricultural employment figures were released, and the unemployment rate remained at 4.1%. Gross domestic product (GDP) growth in the third quarter was lower than expected but still above the recent trend of 2.8%.

Inflation peaked at 9% in June 2022 under President Joe Biden, up from 1.4% in January 2021 when he took office. Prices remain high even under the Biden-Harris administration, with blue states such as California facing soaring gas prices and many Americans struggling with rising home prices.

President-elect Donald Trump repeatedly emphasized the importance of improving the economy during his campaign with Vice President Kamala Harris. U.S. stock markets soared on Nov. 6 after Trump’s election victory, even though some economists fear his economic policies are fueling higher inflation.

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