A labor market cooldown: US economy added just 236,000 jobs in March
Apr 7, 2023, 6:42 AM
(Allison Joyce/ Bloomberg)
(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.