At the very least 303,000 new jobs were added A sign of economic recovery and strengthening for the US economy in March.
The figure exceeded analysts' expectations, reinforcing the US economic slowdown.
What you need to know: This exceptional job growth, the most substantial monthly increase since May 2023, represents a continued upward trend in employment, defying earlier forecasts of a slowdown.
A firm labor market in the US With more jobs
Contrary to the planned admission of some 200,000 jobsThe Bureau of Labor Statistics revealed very strong results, underscoring the economy's ability to withstand rising interest rates and concerns about a potential recession.
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The increase in employment pushed the unemployment rate down to 3.8%, while wages grew 4.1% over the past 12 months, according to data from the Bureau of Labor Statistics.
Sectors that lead to job creation
Various sectors such as healthcare, hospitality, local government, supermarkets and specialist trade contractors led to job creation.
Information: Manufacturing employment growth stagnated.
Mark Hamrick, senior economist at Bankrate, discussed the strength of the economy Labor force participation rate increased to 62.7% As evidence of the good health of the labor market, according to NBC News.
This labor market upturn could affect the Federal Reserve's interest rate strategy.
Federal Reserve status
The central bank, which initially tended to cut interest rates, may now reconsider, maintaining higher borrowing costs to control spending and control inflation.
Following the jobs report, traders adjusted their rate cut expectations from June to September 2024.
The March report showed the slowest rate of annual wage growth since the start of the pandemic, while an increase in the labor supply — driven by increased immigration and participation by certain age groups — should help moderate inflation.
Federal Reserve Chairman Jay Powell stressed the need for strong evidence of sustained reductions in inflation before considering rate cuts.
