THE U.S. ECONOMY ADDED 303,000 JOBS IN MARCH AND UNEMPLOYMENT DIPPED TO 3.8%
“Despite Predictions That The Economy Was Supposed Slow, Employers Added More Jobs Than Expected.”
Friday, April 5, 2024, 3:00 P.M. ET. By Jennifer Hodges: Englebrook Independent News,
WASHINGTON, DC.- Despite Economist’s Forecasts, that job growth was supposed to have started to slow by now, but on Friday another Jobs Report came in higher than anticipated, with U.S. Employers adding 303, 000 new jobs, The U.S. Department of Labor reported.
March’s job growth was up from a revised 270,000 jobs in February and came in far above the 200,000 jobs that Economists had predicted. By any account, it amounted to a major increase in hiring, and once again displayed the economy’s ability to withstand the pressure of high borrowing costs resulting from The Federal Reserve hikes in interest rates. With U.S. Consumers continuing to spend, many Employers continued to hire to meet customer’s demands.
The Department of Labor also reported in Friday’s Report that The U.S. Unemployment Rate dropped from 3.9% to 3.8%. The Unemployment Rate has remained below 4% for the past 26 straight months, the longest such run since the 1960s.
The 303,000 jobs that were added in March were the largest increase since May 2023, and they accelerated the average monthly growth so far this year to 276,000, an improvement to 2023’s average of 251,000.
Though most companies added jobs in March, the hiring was mainly concentrated in Three Sectors. Healthcare and Education, Leisure and Hospitality, and Government which accounted for 69% of Hiring. Additionally, Construction Companies added 39,000 Jobs.
In March, average hourly earnings increased by 0.3% from February, but to 4.1% annually. The average workweek increased to 34.4 hours, and the labor force grew to 62.7% from 62.5% in February.
A higher-than-anticipated jobs report, combined with the recent batch of inflation data, could further complicate the Federal Reserve’s fight to slow Fast-Rising Prices. The Fed will get critical pieces of data next week when the latest Consumer Price Index and Producer Price Index reports will give light on the trajectory of inflation at the retail and wholesale levels.
