A Labor Department report released on Friday indicates that inflationary pressures could be easing, but that the economy remains on solid footing.
March’s numbers are down from the 326,000 jobs added in February. The unemployment rate fell to 3.5$—just above a decades-low of 3.4% in January.
The Federal Reserve has raised interest rates nine times since March of last year in an attempt to subdue inflation.
What in the report indicates inflationary pressures are easing? Average hourly wages were up only 4.2% from 12 months ago, slowing from a rate of 4.6% in February. Also, 480,000 people were looking for a job in March, up from February’s number of 419,000 people.
The more people there are looking for jobs, the less employers may feel the need to raise wages, which could ease inflationary pressure.
This story originally appeared in WORLD. © 2023, reprinted with permission. All rights reserved.