The U.S. economy added 236,000 jobs in March, showing continued strength in the labor market even amid interest rate hikes from the Federal Reserve.
The unemployment rate was 3.5%, slightly lower than the previous month. According to the Bureau of Labor Statistics, job gains were especially in hospitality, government, professional and business services and health care.
Average hourly wages for private sector workers rose 9 cents, or 0.3%, to $33.18. This income increased by 4.2% in the last 12 months.
Employment in the motion picture and sound recording industry grew by 462,400 jobs, nearly 9,000 more than in the previous month. Employment at broadcasters and other content providers fell by 1,700 to 355,700. Publishing jobs fell by 1,800 to 939,900. The figures are seasonally adjusted.
Jason Furman, Harvard professor and chairman of the Council of Economic Advisers under President Barack Obama, wrote on Twitter: “In general, there are many concerns about inflation in this report – the best indicator of a tight labor market is job growth and the unemployment rate. “and it is also no consolation that inflation will fall.
But he also pointed to positive signs, such as the lowest-ever black unemployment rate and slowing nominal wage growth “that raise at least some hope that these job gains are sustainable without persistently high or even rising inflation.”
There is more to come.
Source: Deadline
Mary Crossley is an author at “The Fashion Vibes”. She is a seasoned journalist who is dedicated to delivering the latest news to her readers. With a keen sense of what’s important, Mary covers a wide range of topics, from politics to lifestyle and everything in between.
