Employers continue hiring spree even as war in Ukraine ratchets up economic fears
U.S. employers added jobs at a healthy clip in March, despite the economic shock following Russia's invasion of Ukraine.
The Labor Department reported Friday that employers added 431,000 jobs last month, as the unemployment rate fell to 3.6% from 3.8% in February. Employment gains for January and February were also revised upwards by a total of 95,000 jobs.
The job growth in March was widespread with bars and restaurants adding 61,000 jobs, retailers adding 49,000 and manufacturers adding 38,000 jobs.
The job market remains unusually tight, which is putting upward pressure on both wages and prices and fueling inflation worries at the Federal Reserve.
"This is a labor market that is out of balance," Fed chairman Jerome Powell said last week. "It's great for workers. But we need the labor market to be sustainably tight."
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