June 8, 2023

ModularPhonesForum

Complete News World

In March, 236,000 new jobs were created in the US – E24

The jobs numbers were somewhat stronger than expected in March. It is the eleventh consecutive month that the numbers have exceeded expectations. Unemployment fell at the same time from 3.6 percent to 3.5 percent.

Painters at work in Miami, USA.
published:

In March, 236,000 new non-agricultural jobs were created in the United States, according to figures from the US Department of Labor.

Up front, Bloomberg estimates showed that 230,000 new jobs were expected in March.

In the past 10 months, job growth has been stronger than expected. Americans are still waiting for signs that sharp increases in interest rates and inflation will affect the jobs numbers.

Unemployment has eased somewhat from 3.6% in February to 3.5%.

Believe in the new interest rate hike

SEB chief economist Robert Bergqvist says the job market is now too strong for the US central bank (FED).

It is believed that the numbers will support a 0.25 percent interest rate hike next month.

The job market in March is still hot, but there was no bang at Easter. The economist writes on Twitter that wage growth is moderating.

Wage growth increased by 4.2 percent in March, compared to 4.3 percent in the previous month.

narrow job market

In January and February, the jobs numbers were much higher than expected. Handelsbanken chief economist Sarah Midtgaard notes that a mild winter helped keep job growth high in these months.

See also  This is what the Ukrainian spring offensive could look like - NRK Urix - Foreign news and documentaries

The lack of work in the service sector, as well as in education and health, also contributed to the narrowing of the labor market, Midtgaard wrote in a morning report from the bank.

Midtgaard expected the effects of these factors to reverse in March, and that large-scale layoffs in technology and finance would be evident in the numbers from the first spring month.