US Hiring Slows, Uranus, and America's Expensive Neighborhoods

US Hiring Slows

The US economy added 236,000 nonfarm jobs in March, down from the upwardly revised 326,000 jobs added in February and near economist expectations of 238,000, according to government data released yesterday. The total job growth was the lowest monthly gain since December 2020.  

The unemployment rate fell to 3.5%; economists had predicted the rate to hold at February's level of 3.6%. Average hourly earnings rose 0.3% month-over-month and 4.2% year-over-year. Most of the jobs in March were added in leisure and hospitality (72,000), primarily in restaurants and bars; government (47,000); professional and business services (39,000); and healthcare (34,000). The retail industry lost 15,000 jobs. See all data here.

Analysts say the latest labor force data show gradually slowing demand, which may encourage the Federal Reserve to pause its series of rate hikes to cool the economy and bring inflation down closer to its 2% target. The report comes ahead of next week's inflation data as well as the Fed's policy meeting in May, when it is expected to raise interest rates once again. 

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