Economics
U.S. Hiring Stays Robust as Jobless Rate Falls, Wages Pick Up
- Payrolls advanced by 431,000, unemployment rate down to 3.6%
- Wages also advanced, supporting aggressive Fed tightening
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The U.S. added close to half a million jobs in March and the unemployment rate fell by more than expected, highlighting a robust labor market that’s likely to support aggressive Federal Reserve tightening in the coming months.
Nonfarm payrolls increased 431,000 last month after an upwardly revised 750,000 gain in February, a Labor Department report showed Friday. The unemployment rate fell to 3.6%, near its pre-pandemic low, and the labor force participation rate ticked up. Wage gains accelerated.