Blowout Jobs Data Raise Chance of Delayed, Fewer Fed Rate Cuts
- Strong jobs market gives Fed time to gain clarity on inflation
- Investors pared back bets for a rate cut in June or July
The biggest US jobs gain in nearly a year boosts the chances Federal Reserve officials will further delay cutting interest rates from a two-decade high and consider fewer reductions this year than anticipated.
Payrolls swelled by 303,000 in March, topping all estimates, government data showed Friday. The unemployment rate edged lower to 3.8%, wages grew at a solid clip, and workforce participation rose, underscoring the strength of a labor market that’s powering the economy.