The US economy added a staggering 303,000 jobs in March, surpassing expectations and signaling strong growth. This marks the largest one-month increase in payrolls since May 2023, with February adding 270,000 jobs and January adding 256,000. Economists had predicted about 200,000 jobs added for March. Additionally, the unemployment rate dipped slightly to 3.8%, while wage growth reached 4.1% over the past year.
The impressive data could lead the Federal Reserve to delay interest rate cuts that were previously anticipated for this year. In a recent speech, Federal Reserve Chair Jay Powell stated that there was no rush to lower interest rates, citing positive economic data and inflation levels above the 2% target. Powell emphasized that the central bank would wait for more data to guide their policy decisions.
As the situation continues to evolve, updates on the economy and Federal Reserve’s decisions will be provided. Stay tuned for the latest developments.
