America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic, Russia’s wa…
America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic, Russia’s war against Ukraine and the highest inflation in 40 years.
The March report sketched a bright picture of the job market, with steady hiring and rising wages in many industries. Average hourly pay has risen a strong 5.6% over the past 12 months, welcome news for employees across the economy. Over the past year, 3.8 million people have rejoined the labor force, meaning they now either have a job or are looking for one.
Some economists sounded a note of caution, though, suggesting that the prospect of much higher borrowing rates engineered by the Fed will inevitably slow the job market and the overall economy. Fueled by generous federal aid, savings amassed during the pandemic and ultra-low borrowing rates orchestrated by the Fed, U.S. consumers have spent so fast that many factories, warehouses, shipping companies and ports have failed to keep pace with their customer demand. Supply chains have snarled, forcing up prices.
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