Presented by BP — The jobless rate also rose to 3.9 percent during the same period. {beacon} Business & Economy Business & Economy   PRESENTED BY  The Big Story  US economy adds 175K jobs in April New data shows the economy added 175,000 jobs last month, falling short of economists’ expectations after months of hotter-than-expected jobs reports. © AP Photo/Matt Rourke The jobless rate also rose to 3.9 percent during the same period, higher than what economists forecasted. The report by the Labor Department comes days after a Federal Reserve committee voted to hold off on cutting interest rates.   “The slower jobs report will be welcome news to the Federal Reserve and signals that interest rate hikes are impacting a labor market that has been extremely resilient over the past few years,” said Joseph Gaffoglio, president of Mutual of America Capital Management.   “The Fed clearly stated that it is taking a cautious approach on the timing of any interest-rate cuts to ensure that inflation is well contained, and this could lead to continued pressure on the jobs market in the months to come.”   Prices were up 3.5 percent in March from a year ago, according to the most recent consumer price index (CPI), creeping further away from the Fed’s goal than it was at the end of last year, when the central bank signaled rate cuts in 2024.   Just 34 percent of voters approve of how President Biden has handled the economy, and 29 percent approve of his handling of inflation, according to a recent CNN poll.   He’s also trailing former President Trump, the presumptive Republican presidential nominee, who voters perceive would do a better job with the economy than Biden.   As the 2024 election season ramps up, so has scrutiny of the Fed and its interest rate policy.   The Hill's Taylor Giorno has more here.    Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here. Essential Reads  Key business and economic news with implications this week and beyond:   GOP senator blasts UAW’s call for release of arrested protesters Sen. Bill Cassidy (R-La.) on Friday slammed the United Auto Workers (UAW) union’s call for the release of students and university employees arrested as part of pro-Palestine protests at campuses across the country.   Full Story   Biden administration grants flexibility for automakers in EV tax credit rule The Biden administration granted automakers some flexibility Friday on qualifying for electric vehicle (EV) tax credits.  Full Story   Nippon Steel postpones US Steel acquisition closing Nippon Steel said Friday it was postponing the expected closing date for its $14.9 billion acquisition of U.S. Steel, after the Department of Justice (DOJ) requested additional information and documents related to the deal.  Full Story A MESSAGE FROM BP Biogas or natural gas? One top energy investor is doing both bp is investing in America by acquiring America’s largest biogas producer and cutting operational emissions in the Permian Basin. See what doing both means for energy nationwide.  The Ticker  Upcoming news themes and events we're watching: The House Energy and Commerce Subcommittee on Oversight and Investigations will hold a hearing “examining allegations of ideological bias” at NPR next Wednesday at 10 a.m. ET. In Other News  Branch out with more stories from the day: Boeing threatens to lock out its private firefighters around Seattle in a dispute over pay Boeing is threatening to lock out its private force of firefighters who protect its aircraft-manufacturing … Full Story Good to Know  Business and economic news we've flagged from other outlets: Exxon Completes $60 Billion Pioneer Natural Resources Acquisition (WSJ)  Trump Media’s accounting firm charged with ‘massive fraud’ (CNN)  Dave & Buster’s plan to allow betting on arcade games draws scrutiny (CNBC) A MESSAGE FROM BP More lower carbon energy + keeping oil & gas flowing From updating turbines at one of our Indiana wind farms to producing more energy with fewer operational emissions in the Gulf of Mexico, see how bp is investing in America.  What Others are Reading  Top stories on The Hill right now: Cuellar, wife indicted on bribery charges Rep. Henry Cuellar (D-Texas) and his wife were indicted Friday on charges related to allegedly accepting nearly $600,000 in bribes and laundering the funds. Read more Greene fires back after Fox News columnist calls her an ‘idiot’ Rep. Marjorie Taylor Greene (R-Ga.) took a shot at Fox News after a columnist for the outlet called her “an idiot” who is trying to “wreck the GOP.” Read more What People Think  Opinions related to business and economic issues submitted to The Hill: ‘America First’ conservatives aren’t putting American workers first Government remains essential for the nation’s financial stability and prosperity You're all caught up. See you next week!