“Fed Whisperer”: Low Employment Growth May Become the New Normal, Especially Vulnerable Amid War Context

BroadChain has learned that on April 4, Nick Timiraos—often referred to as the "Fed's mouthpiece"—published an article highlighting the latest employment data. The report showed nonfarm payrolls rose by 178,000 in March, rebounding from February's sharp decline, while the unemployment rate dipped to 4.3%.

However, a closer look reveals less encouraging details: wage growth for average workers slowed to its lowest year-on-year pace since the post-pandemic recovery began five years ago.

By averaging the figures from these two highly volatile months, a clearer underlying trend emerges: monthly job gains averaged just 22,500. Two years ago, a number this low would have been cause for significant concern.