The US economy added nearly half a million jobs in March, while the unemployment rate fell to a new two-year low, which is expected to allow the US Federal Reserve to continue tightening its policy in the coming months to address the inflation rally to high 40 years old.
According to the US Department of Commerce, the US economy added another 431,000 jobs in March, driving the unemployment rate to 3.6%, the lowest since February 2020, from 3.8% last month.
At the same time, the ministry revised its measure for February to 750,000 jobs from 678,000 initially.
Analysts’ average estimates in a Bloomberg poll put the number at 490,000 new jobs in March, with unemployment falling to 3.7%.
The data also showed that average hourly earnings rose 0.4% in March after rising in February by 0.1%. This led to an annual increase of 5.6% from 5.2% in February.
Government data show that the labor market recovery is continuing at a strong pace, which gives the Fed the opportunity to proceed with new increases in US interest rates in the near future in an effort to curb inflation.
Source: Capital
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