The US unemployment rate decreased to 3.5% from 3.6% in February. This is good news for the country’s job market. Also, economists thought the rate would stay the same as in February, a bit stronger than expected.
The Bureau of Labor Statistics (BLS) also said 236,000 jobs were added to the market in March. On the other hand, projections kept raising hopes, saying that 239,000 jobs would be added to the market in March, compared to the 326,000 jobs added in February.
JUST IN: 🇺🇸 US unemployment rate falls to 3.5%.
— Watcher.Guru (@WatcherGuru) April 7, 2023
US Job Market Remains Stable
Everyone has been watching the US economy and how well it can handle several storms in the past few months. Whether it’s continued macroeconomic pressure in the form of inflation, a heated debate about the national debt, or a brewing banking crisis that could lead to the most significant bank closures since 2008, many things could go wrong.
Still, economists and people who make decisions on Capitol Hill have been optimistic about the job market. Now, the March number shows that unemployment in the US has dropped to 3.5%. The slight drop from February’s 3.6% to March’s 3.5% became more stable.
This is the last report from the BLS that the Federal Reserve will look at before their meeting on May 2 and 3. Also, they will have to make the critical choice of whether or not to keep raising interest rates for a year to fight inflation.
On the other hand, reports from earlier this week showed that the number of job openings in the US dropped to 9.93, which was less than expected.
Along with the data, changes to previous statements were also noted. In particular, the recent report said that the number of jobs in January and February was 17,000 less than reported.
