WASHINGTON–Job growth in the U.S. has again exceeded expectations, with U.S. employers adding a seasonally adjusted 303,000 jobs in March, according to the Labor Department.
That is significantly more than the 200,000 new jobs most economists were expecting. The unemployment rate did increase ever so slightly to 3.8%, versus February’s 3.9%.
For the Fed, the robust jobs numbers only add to its challenge in balancing when to reduce rates. A softening employment market would be an indicator its efforts to raise rates and cool the economy were having their desired effect. But numerous analysts and economists are saying that due to immigration some conventional assumptions are being challenged, and with more available workers U.S. employment can continue to grow.
The Labor Department reported earlier this week that there were 8.8 million job openings as of the end of February and that the job-opening rate, or openings as a share of filled and unfilled positions, was 5.3%.
In addition, the number of people quitting their jobs each month has also declined.
"The March job report indicated a resilient economy that continues to post strong job gains despite restrictive monetary policy. Moderating wage growth and increased labor force participation show a labor market coming into more demand and supply balance easing pressure on inflation," said America's Credit Unions' Senior Economist Dawit Kebede.