The US labor market remains strong, with 236,000 jobs added in March, bringing the total payroll to 155.6 million, higher than pre-pandemic levels.
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The unemployment rate dropped to a historic low of 3.5%, and the labor force participation rate increased to 62.6%.
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While annual wage growth has slowed down, the labor market remains tight, and inflation is under control.
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The Federal Reserve is expected to prioritize a more aggressive monetary policy stance in the coming months, with a 70% probability of a 25 basis point hike at the next FOMC meeting in May.
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The leisure and hospitality sector led the way in job gains, adding 72,000 positions, followed by government, professional and business services, and healthcare.
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However, retail trade saw a decline in job opportunities, primarily driven by decreases at home furnishings, electronics, and appliance retailers.
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The data suggesting a resilient economy was welcomed by traders, and U.S. stock futures erased losses while bond yields rose.
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