Workforce Adds 303K Jobs In March, Outdoing Expectations

The US workforce added 303,000 jobs last month, far more than expected and the 39th straight month of job gains in the US. The unemployment rate was 3.8%. Via the Guardian:

Economists had expected the US to add 192,000 jobs for the month. Hiring has remained surprisingly strong despite the Federal Reserve’s attempts to cool inflation by raising interest rates.

Over the last 16 months, the Fed has raised its benchmark interest rates from near zero to over 5%. Hikes have been paused recently and the Fed chair, Jerome Powell, said in March that the central bank would cut rates in response to a perceived weakness in the jobs market. The next rate decision is in May.

“Reducing rates too soon or too much could result in a reversal in the progress we’ve seen on inflation and ultimately require even tighter policy to get inflation back to 2%,” Powell said this week at a business conference at Stanford. “But easing policy too late or too little could unduly weaken economic activity and employment.”

Sure, Jerry. Whatever. You're a banker, you people hate it when workers have the upper hand.