Although the financial markets are closed for the holiday, this monthly report is being reported because it deserves special attention.
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US hiring slowed in Mar as the once rock-solid labor market began to soften in the face of high interest rates & stubborn inflation. Employers added 236K jobs in Mar, the Labor Dept said in its monthly payroll report, mostly in line with the 239K jobs forecast. The unemployment rate, meanwhile, ticked lower to 3.5% as the labor force increased to the highest level since before the pandemic began. It marked the lowest monthly jobs gain since Dec 2020. While monthly jobs data is always important, the Federal Reserve is closely watching this particular report for signs the labor market is finally cooling as policymakers try to tame inflation with a series of interest-rate hikes. There was some welcoming news on that front, with monthly wages rising at the slowest pace since Jun 2021. Average hourly earnings grew 4.2% from a year ago, below the estimate of 4.3%. Leisure & hospitality led the job gains last month, with payrolls growing by 72K. The bulk of that increase stemmed from hiring at restaurants & bars, which added 50K workers. Other notable job gains took place in gov (47K), professional & business services (39K) & health care (34K). But retail shed 15K jobs. Although the stock market is closed for Good Friday, futures rose following the report.
US job growth slows as economy adds 236,000 new positions
| IND Close | Future | Change |
|---|---|---|
| 33,485.29 | 33,723 | +238 |
Dow Jones Industrials
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