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

Apr 7, 2023, 6:42 AM

Attendees at a healthcare career fair at Cape Fear Community College in Wilmington, North Carolina, US, on Wednesday, Feb. 28, 2023. (Allison Joyce/ Bloomberg)

(Allison Joyce/ Bloomberg)

BY ALICIA WALLACE, CNN

KSLNewsRadio

(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.

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

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