Washington, United States—US hiring rose much more than expected last month, according to government data published Friday, increasing the chances that the Federal Reserve will remain on pause for longer as it weighs when to start cutting interest rates.
The world’s largest economy added 303,000 jobs in March, up from a revised 270,000 new jobs created a month earlier, the Department of Labor announced.
The surge, coming seven months before the November election pitting President Joe Biden against former Republican president Donald Trump, was far above market expectations of an increase of 200,000, according to Briefing.com.
The unemployment rate ticked lower to 3.8 percent from 3.9 percent in February, in line with expectations —and maintaining the longest streak of below-four-percent joblessness in decades.
“Today’s report marks a milestone in America’s comeback,” Biden said in a statement. “Three years ago, I inherited an economy on the brink. With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office.”
Beyond the headline number, wage growth increased 0.3 percent on a monthly basis, while average hourly earnings were up 4.1 percent from a year earlier, Labor Department figures showed.
The labor force participation rate was little changed at 62.7 percent.
Many of the new jobs were created in the health care and government sectors, while construction and leisure and hospitality also saw big gains.
While the overall unemployment rate fell slightly, it rose for Black Americans, while declining for both Asians and Hispanics.
Wall Street stocks closed higher on Friday, bouncing back after tumbling in the prior sessions on geopolitical concerns. AFP