U.S. unemployment rate clings to near-historic low as 236K new jobs added
America’s employers added a solid 236,000 jobs in March, reflecting a resilient labour market and suggesting that the Federal Reserve may see the need to keep raising interest rates in the coming months.
Friday’s government report suggested that the economy and the job market remain on solid footing despite nine rate hikes imposed over the past year by the Fed. The March job gain may lead the Fed to conclude that the pace of hiring is still putting upward pressure on wages and inflation and that further rates hikes are necessary. When the central bank tightens credit, it typically leads to higher rates on mortgages, auto loans, credit card borrowing and many business loans.
For Fed officials, taming inflation is Job One. They were slow to respond after consumer prices started surging in the spring of 2021, concluding that it was only a temporary consequence of supply bottlenecks caused by the economy’s surprisingly explosive rebound from the pandemic recession. And as borrowing costs have risen, inflation has steadily eased. The latest year-over-year consumer inflation rate — six per cent — is well below the 9.1% rate it reached last June. But it’s still considerably above the Fed’s two per cent target.
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