U.S. employers added 303,000 jobs in March, exceeding economists' expectations and indicating the labor market's resilience.
Analysts surveyed by FactSet had predicted an addition of 200,000 jobs last month. The unemployment rate remained at 3.8%, as reported by the U.S. Department of Labor said on Friday.
The most recent data comes after a period of strong hiring in January and February, while inflation has stayed above the Federal Reserve's target of a 2% annual rate. A Fed official warned on Thursday that interest rate cuts might not happen in 2024, contrary to the expectations of many economists, due to the robust labor market and persistently high inflation.
In the past two years, the Federal Reserve has increased interest rates 11 times to combat the highest inflation levels seen in 40 years. Although there has been a slight moderation in price hikes, inflation in 2024 has remained above 3%, surpassing the Fed's target of 2%.
—Stay tuned for updates on this developing situation.
