US jobs data beats expectations and may delay rate cuts

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Nonfarm payrolls in America rose by 303,000 jobs last month, the Department of Labor’s Bureau of Labor Statistics announced.

US employers hired far more workers than expected in March as wages increased, suggesting the economy finished the first quarter on solid ground and may delay interest rate cuts expected from the Federal Reserve this year, as reported.Reuters”.

Nonfarm payrolls rose by 303,000 jobs last month, the Labor Department’s Bureau of Labor Statistics announced in its closely watched employment report on Friday. Data for February was revised downward slightly to show the addition of 270,000 jobs instead of 275,000 as previously reported.

Economists polled by Reuters had expected an increase of 200,000 jobs, with estimates ranging from 150,000 to 250,000.

The US economy is outperforming its global counterparts, despite the 525 basis point interest rate hike by the US Central Bank since March 2022 to curb inflation. Economists say most companies locked in lower borrowing costs before the Fed’s tightening cycle, providing some insulation from higher interest rates and allowing them to retain their workers.