America’s employers added a solid 236,000 jobs in March, reflecting a resilient labor market and suggesting that the Federal Reserve may see the need to keep raising interest rates in the coming months, per the AP. The unemployment rate fell to 3.5%, not far above the 53-year low of 3.4% set in January. Last month’s job growth was down from February’s gain of 326,000. The big numbers were largely in line with expectations: Analysts expected job gains of 238,000, though they also expected the rate to hold at 3.6%, per CNBC.
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 will be necessary. When the central bank tightens credit, it typically leads to higher rates on mortgages, auto loans, credit card borrowing, and many business loans. The US stock market is closed for Good Friday, so a quick gauge of investors' mood in the wake of the report wasn't available.
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