Unemployment in the US fell to 3.8% in March – Kommersant
[ad_1]
In March, the US unemployment rate was 3.8%. Such data contained in the monthly report of the Federal Bureau of Statistics of the US Department of Labor. Thus, the unemployment rate decreased slightly compared to February (3.9%) and was at the level of analysts’ forecasts. 6.4 million people were unemployed in March, of which 1.2 million have been unemployed for more than six months.
In March, 303 thousand jobs were created in the United States – significantly more than analysts expected (200 thousand). Most of the new jobs appeared in healthcare (72 thousand) and the public sector (71 thousand), 49 thousand in the leisure and hotel sector, 39 thousand in construction. Average hourly wages in March increased by 0.3% compared to February and by 4.1% year on year. This is the weakest annual increase since June 2021.
Due to good employment figures, the Fed may not cut its key rate in June. As you know, the Fed faces two tasks: to contain inflation and at the same time maintain a high level of employment. Increased consumer spending associated with low unemployment is fueling inflation. At the same time, the very fact that employment is at a high level allows the Fed to wait to reduce the rate
“The Fed does not appear to be cutting rates anytime soon, given this job growth and the core inflation index, due out next week, which is likely to remain high,” said James, chief international economist at Dutch bank ING. Knightley.
The Fed expects strong growth in the American economy this year and is therefore in no hurry to cut rates. Read more about this in the Kommersant article. “The rate will wait until September”.
[ad_2]
Source link
