US employers add 303,000 jobs in March

U.S. employers added another big number of jobs in March, adding 303,000 workers to their payrolls and bolstering hopes that the economy can beat inflation without succumbing to a recession in the face of high interest rates.

Last month's job growth was above the adjusted 270,000 in February, and was well above the 200,000 jobs economists had forecast for March.

By any measure, it amounts to a solid boost in hiring, and reflects the economy's ability to withstand the pressure of high borrowing costs as a result of the Federal Reserve's interest rate hikes.

As the nation's consumers continue to spend, many employers have continued to hire to meet steady demand.

This Friday's report from the Department of Labor also reflected that the unemployment rate fell from 3.9% to 3.8%. That rate has remained below 4% for 26 consecutive months, the longest streak since the 1960s. The government also revised up its estimate for job growth in January and February to a combined figure of 22,000.

Normally, a slew of new jobs would stoke concerns that the extra spending from all those new workers could accelerate inflation, but the March jobs report showed growth in wages was mild last month, which could dispel those concerns. fears.

Average hourly wages rose 4.1% year-over-year, the lowest year-over-year increase since mid-2021. However, from February to March, hourly pay rose 0.3% after increasing 0.3%. 2 the previous month.

The economy is sure to weigh on Americans' minds as November's presidential election approaches and they weigh Joe Biden's re-election.

Many people are still feeling the pressure from the rise in inflation that emerged in the spring of 2021. Eleven rate hikes by the Federal Reserve helped slow inflation from its peak over the last year and a half.

However, average prices are about 18% higher than in February 2021, a fact for which Biden could pay a political price.

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