A labor market cooldown: US economy added just 236,000 jobs in March

1 year ago 6

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Updated 8:36 AM EDT, Fri April 7, 2023

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Federal Reserve hikes rates despite banking turmoil

04:19 - Source: CNN

Minneapolis CNN —

US employers added just 236,000 jobs in March, coming in below expectations and indicating that the labor market is cooling off amid the Federal Reserve’s yearlong rate-hiking campaign to chill inflation.

The unemployment rate dropped to 3.5%, according to the March jobs report released Friday by the Bureau of Labor Statistics.

Economists were expecting a net gain of 239,000 jobs for the month and a jobless rate of 3.6%, according to Refinitiv.

This story is developing and will be updated.

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