The U.S. unemployment rate continues to fall to 3.6 percent, according to the U.S. Department of Labor.
The least gratifying statistic is that with rising inflation already reaching 7.9% in the US two weeks ago, the number of jobs added to the US economy was lower than expected and stood at 431,000 jobs, compared to the expected increase of 490,000 jobs.
As expected, the leisure and hospitality sectors led with 112,000 new jobs, professional and business services added another 102,000 jobs, retail added another 49,000 jobs and production another 38,000, construction 19,000 and finance 16,000 jobs.
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The average hourly earnings index, which is a particular indicator of inflation, rose by 0.4%, in line with expectations. On a 12-month basis, wages jumped 5.6%.
An alternative index for unemployment, which includes desperate workers and part-time workers for economic reasons (also called the broad unemployment rate in Israel) fell to 6.9%, a decrease of 0.3 percentage points compared to the previous month.
The labor force participation rate rose slightly to 62.4%, one point from its pre-Corona period.
The number corrections of previous months were strong: January data were revised upwards by 23,000 jobs to 504,000 jobs, and February data were revised upwards to 750,000 compared to 678 in the initial update last month. The entire first quarter saw an increase of 1.685 million jobs, or 562,000 a month.
How much more will the Fed raise the interest rate?
Now it’s no longer a question of whether but how much more the Fed, the US Federal Reserve, will raise interest rates. Markets are now expecting interest rate hikes in each of the Fed’s six remaining meetings this year, most likely from 0.5% in May to 2.5% by the end of 2022.
For more on the meaning and possible implications of the employment report – click here
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