US adds 303,000 people Nonfarm payrolls decreased in March as the unemployment rate fell to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists had expected 200,000 jobs to be added in March, compared with the 275,000 jobs added in their initial forecast for February, and the unemployment rate to remain unchanged at 3.9%. . according to to Reuters.work make a profit The number of employees has fallen despite permanent layoffs, which reached a 14-month high of 90,309 in March. (Related: See how resurgent inflation has affected Easter prices and you should pray your wallet is protected)
Previous employment numbers have undergone significant revisions since their initial release, with the federal government overestimating the number of jobs in the economy in 2023 by an average of 105,000 jobs per month, or a total of about 1.3 million jobs. The Philadelphia Fed estimates that the U.S. will add just 186,000 people in the third quarter of 2023, lower than the current BLS estimate of 640,000.
Last year, less than 11% of the nation’s metropolitan areas had job growth (not that there were more people employed, but some people got second or third jobs), and all of them had part-time jobs. , all of them found employment with foreign-affiliated companies. Workers born online. Will this lead to a robust labor market? pic.twitter.com/VhSEBsnO9U
— Dr. EJ Antoni (@RealEJAntoni) April 3, 2024
Inflation continues to wreak havoc on businesses looking to hire. rising Under President Joe Biden, it totaled 18.5% and most recently rose 3.2% year over year. The Federal Reserve has set the federal funds rate at a 23-year high in the range of 5.25% to 5.50% to combat high inflation and slow the economy.
U.S. economic growth has remained above trend for the past two quarters, increasing by 3.4% in the fourth quarter of 2023 and 4.9% in the third quarter. according to to the Bureau of Economic Analysis. Gross domestic product growth was less than half of the federal debt owed in the fourth quarter.
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