US Unemployment Rate Falls To 3.5% With 236k Jobs Added In March

Key Points:

• The US job market showed signs of strength in March with the addition of 236k jobs, lower than expected.
• The unemployment rate dropped to 3.5% in March, below the expected rate of 3.6%.
• February’s gain of 311k jobs was revised up to 326k, indicating that the job market was stronger than previously thought.

The US job market added 236k jobs in March, slightly below the forecast. The US unemployment rate dropped from 3.6% in Feb to 3.5% in March.

The latest report from the U.S. Bureau of Labor Statistics (BLS) shows that the U.S. job market is continuing to show signs of strength. According to the report, the economy added 236,000 jobs in March, slightly lower than the economist forecasts for 239,000. However, this still represents a solid increase in employment opportunities for Americans.

The BLS also reported a decrease in the unemployment rate, which dropped from 3.6% in February to 3.5% in March. This is lower than expected, as most economists had anticipated the rate to stay at 3.6%. Furthermore, the report revised February’s gain of 311,000 jobs higher to 326,000, indicating that the job market was more potent than previously thought.

The latest payrolls report is the final one the U.S. Federal Reserve will see before its May 2-3 meeting. During this meeting, the central bank will decide whether to continue tightening monetary policy or pause its year-long rate hikes. Ahead of the report, short-term rate futures markets were pricing in about a two-in-three chance the Fed would pause in May. This indicates that some investors believe that the job market may be showing signs of weakness.

Earlier this week, indications of some weakness in the labor market emerged. Specifically, the ADP reported on Wednesday that private sector job additions for March were only 145,000, falling short of the anticipated 210,000. The Department of Labor also reported on Thursday that weekly initial jobless claims were 228,000, exceeding the projected 200,000. Furthermore, there was an upward revision of the previous week’s initial claims of 192,000 to 246,000.

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