The U.S. labor market continued its consistent growth in March as 303,000 jobs were added, the Bureau of Labor Statistics said. The unemployment rate fell from 3.9% in February to 3.8% in March, marking 26 consecutive months it's been below 4%, the longest such period of low unemployment in more than five decades. The largest job gains in March were in the health care sector, with the addition of 72,000 jobs.
There were also 71,000 new government jobs in March, the majority in the education sector. The hospitality industry is back above pre-pandemic levels as it added 49,000 jobs. Average hourly earnings went up 12 cents between February and March, and average weekly earnings increased by over $7 per worker between months. The average weekly wage for U.S. workers is $1,193.34, up from $1,185.75. SEE MORE: California lawmaker wants workers to ignore off-the-clock calls Average weekly earnings have increased by 4.1% in the last year. The consumer price index was
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US Labor Market Adds 303k New Jobs in March, Beating ForecastsThe latest Jobs Report (NFPs) shows the US labor market in rude health with 303k new jobs added in March, trouncing forecasts of 200k. The unemployment rate slipped 0.1% lower to 3.8%, while average hourly earnings m/m met forecasts of 0.3%. Nonfarm private payrolls also beat forecasts, 232k compared to 160k.The US dollar index added 30 ticks after the release, continuing Thursday’s late move higher after Federal Reserve member Neel Kashkari openly queried if rate cuts were appropriate this year. Today’s strong labor report will further stoke fears thatmay become stickier than expected, meaning US rates will be left on hold for longer. Market rate cut probabilities were trimmed slightly after the NFP release with the June meeting now seen as just 56/44 in favour of a 25 basis point cut.Gold’s recent rally stalled post-release with a haven still supporting the precious metal as Israel and Iran continue to warn of further military action.Retail trader data shows 43
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