US adds 431K jobs in March, unemployment drops to 3.6%

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April 1, 2022: US job growth continued solidly in March, with the unemployment rate falling to a new two-year low of 3.6% and wages accelerating again, positioning the Federal Reserve to lower interest rates by a hefty 50-base points to raise in May. This report was created by Chris Dignam.

STORY: The US economy added 431,000 jobs in March, continuing a strong hiring cycle, and the unemployment rate fell to 3.6%, the lowest level since February 2020 — the month before the country plunged into a global health crisis.

While the number of jobs fell short of economists’ 490,000 estimates, President Joe Biden said Friday’s employment report underlined strong momentum in the economy as it faces rising inflation and Russia’s war on Ukraine, which further strains global supply chains. move.

And more and more Americans are getting jobs because that will help ease the supply pressure that we’ve seen. And that’s good news for fighting inflation. It is good news for the economy and it means that our economy is no longer in flux but in flux.”

The closely monitored report from the Labor Department also found that employment in professional and business services, financial activities and retail was now above levels seen before the global health crisis.

The broad increase in payrolls was led by the leisure and hospitality sector, which created 112,000 jobs.

And the number of jobs for February was revised higher to 750,000 from the previously reported 678,000.

The employment report further allayed fears of a recession in financial markets following slight inversions in the widely followed two- and 10-year US Treasury yield curves this week.

That closely-watched yield curve returned Friday after jobs data bolstered views that the Federal Reserve will need to raise interest rates more aggressively to contain inflation.

Reuters

Posted on: 2022-04-01T23:57:18+05:00

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