The job market is cooling as higher interest rates and a slowing economy take a toll

A call for employment sign is displayed at a Taco Bell in Austin, Texas, on March 10, 2023.The U.S. job market is showing signs of softening as rising interest rates and slowing economic growth begin to take their toll on hiring.Friday. That's down from 326,000 jobs that were added the month before.The unemployment rate dipped to 3.5% in March, from 3.6% in February, even as 480,000 new people joined the workforce.

Leisure and hospitality was once again a top growing sector in March, with 72,000 new jobs, including 50,000 in bars and restaurants. By contrast, retailers shed 15,000 jobs. Construction companies and factories also saw modest declines in employment."It's uncomfortable when we see the labor market weaken, but given how vexing inflation has been over the last two years, some softening of the labor market is necessary," said Sarah House, senior economist at Wells Fargo.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hiring slowed in March as U.S. job market shows signs of coolingBREAKING: Employers across the U.S. continued to hire at a steady pace last month, but the labor market showed signs of cooling in the face of the Federal Reserve's efforts to slow the economy. This is a false metric. What about this news? NBC just tweeted same moments ago. The economy sucks so of course all the media outlets are pushing ‘good economy’ propaganda. Wildly inaccurate
Source: CBSNews - 🏆 87. / 68 Read more »