BREAKING NEWS: March Job Growth Blows Past Expectations

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March Job Growth Blows Past Expectations

U.S. employers added 303,000 new jobs in March, according to the latest employment report from the U.S. Bureau of Labor Statistics, exceeding economists' forecasts by over 100,000. The most job gains were reported in health care, government, and leisure and hospitality.

The unemployment rate dipped to 3.8 percent. Unemployment has ranged from 3.4 percent to 3.8 percent during 2023 and has stayed under 4 percent for the last 26 months. Average hourly earnings rose 0.3 percent on the month and were up 4.1 percent from a year ago.

Employer takeaway: Business leaders were looking for evidence of slower employment growth, which could have led the Federal Reserve to cut interest rates later this year, providing a boost to the economy and stimulating further business investment and expansion. Businesses can expect—at least for now—interest rates to remain stable.

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