US Employment slows down in US as economy cools
Washington: Job gains in the US decreased for a second consecutive month in March, the latest government data revealed, indicating that the economy is slowing down as policymakers continue their efforts to curb inflation, AFP reported.
According to the Labor Department, the country added 236,000 jobs in March, slightly lower than expected, while the unemployment rate edged down to 3.5 percent.
These figures came after reports showed that private US companies had cut down on hiring, and services activity had also slowed down.
While the labor market statistics are important in terms of influencing Federal Reserve policy decisions, it is unclear if the latest data is enough to result in a pause in interest rate increases.
However, the data did show strong wage growth, with average hourly earnings rising by 0.3 percent to $33.18.
"Employment continued to trend up in leisure and hospitality, government, professional and business services, and health care," said the Labour Department, the AFP report said.
The report also stated that the labor force participation rate continued to increase last month.
These numbers may provide some relief to policymakers who have been striving to control persistent inflation.
The Federal Reserve has raised the benchmark lending rate nine times since the beginning of last year in an effort to alleviate demand.
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