U.S. hiring slowed in March as the once rock-solid labor market began to soften in the face of high interest rates and stubborn inflation.
Employers added 236,000 jobs in March, the Labor Department said in its monthly payroll report released Friday, mostly in line with the 239,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, ticked lower to 3.5%.
While monthly jobs data is always important, the Federal Reserve is closely watching this particular report for signs the labor market is finally cooling as policymakers try to cool the inflation with a series of interest-rate hikes.
This is a developing story. Please check back for update.
