In March, employers in the United States added 236,000 jobs, a decrease from January's 472,000 and February's 326,000, but still impressive in historical terms.
Although the number of Americans applying for unemployment benefits increased slightly last week, rising to 245,000, it remains low compared to past records. The four-week moving average of jobless claims, which smooths out weekly fluctuations, fell to 239,750.
Despite concerns about rising interest rates, economic instability, and an imminent recession, American workers seem to have remarkable job security. This is evidenced by the weekly claims numbers, which are a measure of layoffs.
The overall job market in the US is healthy, with unemployment at 3.5% last month, slightly higher than January's 3.4% half-century low. The Federal Reserve, which is focused on controlling inflation, is concerned that a tight job market puts upward pressure on wages and prices. As a result, the Fed has raised its benchmark interest rate nine times in just over a year.
Although inflation has decreased since reaching a four-decade high last year, the 5% year-over-year inflation rate in March remained well above the Fed's target of 2%. The Fed is aiming for a "soft landing" that would reduce growth just enough to bring inflation under control without causing a recession. However, economists are skeptical, and many predict that the US will enter a recession later this year.
