month.

And it's been resilient for months, despite# recession predictions last year.

rate has been below 4 percent for two consecutive# years, a record we haven't seen in over 50 years.

At the same time, the Federal# Reserve indicated this week## it's too soon to start lowering interest rates.

Joining us now is Austan Goolsbee, the president# of the Federal Reser Welcome back to the "NewsHour.

"# Thanks for joining us.

AUSTAN GOOLSBEE, President, Federal Reserve Ba AMNA NAWAZ: So, 355,000 jobs ad 4 percent, what do all these numbers tell# you about where the economy is right now?

AUSTAN GOOLSBEE: It still feels strong.

I mean, the headline number back the onion a little bit, it's not as# strong as that headline number advertises,## because a lot of the increase in jobs were# part-time jobs.

So, if you look at the -- let's## call it the total hours worked, that's not# up as much as just the number of jobs was up.

But it's still very strong, and it's in the# context that inflation has been coming in## better than expected as well.

So, both# sides of that have been quite positive.

AMNA NAWAZ: It's worth noting the projections for# today's jobs numbers were off quite a bit again,## and predictions about a possible# recession last year were also off.## What is it about this economy right# now that makes forecasting so hard?

AUSTAN GOOLSBEE: It's always hard.

It's always# hard to forecast, and any one month's number## has a kind of a plus- or minus-110,000 to# it.

So this was a miss to the downside.

We came in with a very strong number, almost# double what was expected.

But when you come## out of such a weird moment as what COVID# was, we probably shouldn't be surprised## that our models aren't that great at# figuring out what's going to happen.

AMNA NAWAZ: At the same# time, we know mortgage rates,## car loans are still very high.

We know the# Fe cuts won't happen in early spring,# as many had hoped that they might.

Does today's report line up with that,## in your view?

You still think# it's too soon to low AUSTAN GOOLSBEE: As a member of# the Federal Open Marke I don't like tying our hands ahead of time,# when we got weeks and mo in.

We ought to base those decisions# on how the actual data come through.

I think more and more progress like what# we have seen on inflation and on jobs is## what we need to see to feel comfort that# we're on target.

As you know, the law,## the Federal Reserve Act, gives the Fed a# dual mandate job to maximize employment## and stabilize prices.

And that's what the Fed# has to pay attention to are those two things.

And so far, it's been going pretty well.# The year 2023 by that dual mandate goal went## quite well.

And we just want to make# sure that we're on path to see that.

AMNA NAWAZ: Inflation has been# coming down.

As you mentioned,## the jobs numbers are good, but there# are some thi everyday lives that remain really# tough, grocery prices in particul We know they jumped 25 percent over# the last four years, and they remain## high.

For millions of households, that is it.# That's a critical everyday financial pinch,## right?

So for the people who see headlines# that say the economy is strong, the economy## is coming back and don't feel it every day, what# can you say to them about when AU STAN GOOLSBEE: Yes, look,# it's a perfectly fair point.

And we -- look, we went through a period# fa r higher than where the Fed's target# is or where we want it to be.

And price## levels are still elevated.

The question# is, is that the thing that drives vibes,## or do vibes lag actual conditions?

I# don't totally know the answer to that.

I know that the Fed job, like I say, by# law, is maximize employment and get the## inflation rate down to 2 percent.

And that's# what the Fed is going to be doing.

How that## falls out in the vibes and the price# level is a -- that's a second matter,## but the Fed can't really adjust that# without using its one instrument.

It just has the one instrument of raise# rates or lower rates.

If you're trying## to get the price level back to what it# was some years ago, you would really## have to just crank down the economy to# do that.

So that's not in our card deck.

AMNA NAWAZ: I got to ask you too.# All of this is unfolding, of course,## in an election year.

And you know# well the intersection of po litics and economic issues from# your time in the administration.

Former President Trump is again accusing the Fed# chair, Jerome Powell, of acting politica latest statement says this.

He says: "I think he's# going to do something," speaking of Mr. Powell,## "to probably help the Democrats, I think,# if he lowers interest rates.

It looks to me## like he's trying to lower interest rates for# the sake of maybe getting people elect What do you say to people who# share that concern or seeing## any of the Fed's actions through a political lens?

AUSTAN GOOLSBEE: Well, they shouldn't.

And the Fed is totally transparent.

the full transcript of the meetings.

And just# know that the Federal Open Market Committee has## by law dual mandate of what they look# at.

It bases the decisions on actual## economic conditions and data.

That's# what will drive what the Fed can do.

AMNA NAWAZ: When you look at the big picture now,## is there any other lev in your view, to keep the economy# moving in the right direction?

AUSTAN GOOLSBEE: Well, as you# know, the monetary authorities,## our job is a very narrow lane of just# monetary policy.

W fiscal policy or congressional opinion.

They# can do whatever they feel is appropriate.

And our conditions -- I say# it's sort of the Midwest motto,## we take the conditions as they come.# There is no bad weather.

There is only## bad clothing.

And we will deal with whatever# the conditions are and forward the mandate.

AMNA NAWAZ: That is Austan Goolsbee, president# of the Federal Reserve Bank of Chicago.

Mr. Gillespie, thank you so much for# joining us.

Pleasure to speak with you.

AUSTAN GOOLSBEE: My pleasure.

Thank you.