WASHINGTON — America’s employers delivered another outpouring of jobs in March , adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.
“My plan is growing the economy from the middle out and the bottom up, investing in all Americans and giving the middle class a fair shot,’’ he said. ““Inflation has come down significantly. We’ve come a long way, but I won’t stop fighting for hard-working families.″ Workers prepare food and take orders an In-N-Out burger restaurant Tuesday, Aug. 8, 2023, in Thornton, Colo. Four years after the pandemic curtailed travel and forced shutdowns of restaurants, bars and entertainment venues, those industries have finally regained their pre-pandemic employment level after a category that includes such businesses added 49,000 jobs in March.
The much higher borrowing costs for individuals and companies that resulted from the Fed’s rate hikes were widely expected to trigger a recession, with waves of layoffs and a painful rise in unemployment. Yet to the surprise of just about everyone,— the amount of output that workers produce per hour — made it easier for companies to hire, raise pay and post bigger profits without having to raise prices.
Sal Guatieri, senior economist at BMO Capital Markets, said the Fed will likely be reassured by Friday’s report of modest wage growth and a steadily growing labor force. But he suggested that the blockbuster haul of new jobs might further put off a rate cut:At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Source: News Formal (newsformal.com)
US Employers Jobs March Unemployment Rate Economy Federal Reserve Interest Rates
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Source: sherdogdotcom - 🏆 66. / 51 Read more »
Source: HuffPostCanada - 🏆 61. / 53 Read more »
Source: SooToday - 🏆 8. / 85 Read more »
Source: boredpanda - 🏆 18. / 72 Read more »
Source: TerraceStandard - 🏆 24. / 68 Read more »