The Fed’s caution is likely to put it on a collision course with Mr. Trump, who has repeatedly urged the central bank to cut interest rates. He did so again on social media on Friday, calling Jerome H. Powell, the Fed chair, “a disaster” and suggesting policymakers should cut rates by a full percentage point.

An increase in the number of U.S. jobs that was higher than expected makes it unlikely that the Federal Reserve will cut interest rates soon.