March Job Growth Near Expectations Despite Slower Hiring Pace
TL;DR Summary
Nonfarm payrolls rose by 236,000 in March, close to expectations, but the lowest monthly gain since December 2020, as the labor market showed signs of slowing. The unemployment rate ticked lower to 3.5%, with the decrease coming as labor force participation increased to its highest level since before the Covid pandemic. The Federal Reserve is trying to slow labor demand to cool inflation. The report comes amid a bevy of signs that job creation is on the wane, with layoffs surging in March, jobless claims elevated, and private payroll growth slowing.
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