Fed should keep cutting rates despite jobs number: U.S. trade adviser Navarro
The Labor Department on Friday reported that the U.S. unemployment rate dropped to a near 50-year low of 3.5% last month and job growth increased moderately, though wage growth remained stagnant and manufacturing payrolls declined.
"This number, even though it's a very good number, should not deter the Federal Reserve from aggressively lowering its rates for one simple reason - not because the economy is slowing down - but because our dollar is so overvalued, it's killing our exports," Navarro said in the CNN interview.
Navarro's comments come as economic data has raised concerns about a looming slowdown amid a trade war marked most notably by tit-for-tat tariffs between the United States and China.
U.S. President Donald Trump has repeatedly urged the Fed to slash interest rates and said a strong dollar is hurting U.S. factories.
(Reporting by Makini Brice; Writing by Lisa Lambert; Editing by Kevin Liffey)