Current:Home > MarketsEmployers added 303,000 jobs in March, surging past economic forecasts-LoTradeCoin
Employers added 303,000 jobs in March, surging past economic forecasts
View Date:2024-12-24 08:55:04
U.S. employers added 303,000 jobs in March, far surpassing economists' predictions and signaling the labor market remains strong.
Analysts surveyed by FactSet expected businesses had added 200,000 jobs last month. The unemployment rate held steady at 3.8%, the U.S. Department of Labor said on Friday.
The latest data, which continues the trend of scorching hot hiring earlier this year, is likely to play into the Federal Reserve's decision on whether to cut its benchmark interest rate this year, and by how much. On Thursday, a Fed official warned that interest rate cuts may not materialize in 2024, contrary to expectations of many economists, given the strong labor market and stubbornly high inflation.
"Today's jobs numbers surprised to the upside once again as the U.S. labor market continues to show steady strength and resilience," Eric Merlis, managing director and co-head of global markets at Citizens Bank. "The economy seems to have adapted to a new normal of higher rates and today's data does not increase the urgency for the Fed to make cuts."
The health care industry added 72,000 jobs last month, the most of any sector, the Labor Department said, followed by government with 71,000 new jobs and leisure and hospitality with 49,000 hires. The construction industry hired 39,000 people. There were little to no job gains in the retail, financial services and transportation and warehousing sectors.
"The 49,000 increase in leisure and hospitality jobs could also be weather related, but it was still enough to restore employment in that sector finally back to its pre-pandemic level," Paul Ashworth, chief North America economist at Capital Economics, said Friday.
Average hourly earnings rose 12 cents to $34.69, after a hike of 18 cents in January.
"Some had been hoping that the Federal Reserve would cut interest rates at its June meeting," Lisa Sturtevant, chief economist at Bright MLS, said in an email. "However, with today's strong jobs report, it is all but certain that the first rate cut won't be before July. As a result, mortgage rates are likely going to stay elevated for longer."
The Federal Reserve has raised interest rates 11 times in the last two years as it battled the hottest inflation in 40 years. While price increases are moderating, inflation has remained above 3% in 2024, higher than the Fed's goal of 2%.
Aside from Friday's jobs numbers, Wall Street will be closely watching the next consumer price index report, or CPI, which is scheduled to be released on April 10. Economists expect prices rose 3.5% on an annual basis in March, which would represent an uptick from the previous month's 3.2% increase, according to FactSet.
- In:
- Employment
- Economy
Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
TwitterveryGood! (42519)
Related
- Why the US celebrates Veterans Day and how the holiday has changed over time
- Watch Jeremy Allen White Strip Down to His Underwear in This Steamy Calvin Klein Video
- NBA fines Nets $100,000 for violating player participation policy by resting players
- America's workers are owed more than $163 million in back pay. See if you qualify.
- Detroit-area police win appeal over liability in death of woman in custody
- 'I'm gonna kill your children': South Florida man threatened U.S. Rep. and his family
- Senegal’s opposition leader faces setback in presidential race after defamation conviction is upheld
- Missing 16-year-old girl from Ohio located in Florida with help from video game
- Bluesky has added 1 million users since the US election as people seek alternatives to X
- Germany’s government waters down a cost-cutting plan that infuriated the country’s farmers
Ranking
- Deion Sanders addresses trash thrown at team during Colorado's big win at Texas Tech
- Oscar Pistorius is set to be released on parole. He will be strictly monitored until December 2029
- Golden Globes host Jo Koy would like a word with Steven Spielberg: 'I mean, come on, bro'
- Mississippi city enacts curfew in an effort to curb youth violence. Critics say measures are ineffective.
- These Michael Kors’ Designer Handbags Are All Under $150 With an Extra 22% off for Singles’ Day
- 4 patients die after a fire breaks out at a hospital in northern Germany
- California prosecutors charge father in death of child his 10-year-old son allegedly shot
- Trump asks Supreme Court to overturn Colorado ruling barring him from primary ballot
Recommendation
-
Repair Hair Damage In Just 90 Seconds With This Hack from WNBA Star Kamilla Cardoso
-
South African athlete Oscar Pistorius has been released from prison on parole, authorities say
-
Japanese air safety experts search for voice data from plane debris after runway collision
-
AP Week in Pictures: Asia
-
Jason Kelce Offers Up NSFW Explanation for Why Men Have Beards
-
AP Week in Pictures: Europe and Africa
-
What is the Epiphany? Why is it also called Three Kings Day? And when do Christians celebrate it?
-
Georgia deputy fatally struck by Alabama police car in high-speed chase across state lines