Although there are some signs of cracks in certain sectors, the economy continues to show positive results. Fundamentals will win the day with businesses focusing on profit and foundational business practices.
The March 2023 jobs report was released on April 7, 2023, and showed that the US economy added236,000 jobs in the month. This was below expectations of 239,000 jobs, but the unemployment rate remained at 3.5%, which is near a 50-year low. Average hourly earnings rose 0.3% in March, which was the smallest increase since June 2021.
The report showed that job growth was broad-based, with gains in leisure and hospitality, professional and business services, and transportation and warehousing. However, there were also losses in manufacturing and construction.
The report was mixed news for the economy. On the one hand, the low unemployment rate and continued job growth are positive signs. However, the slowdown in wage growth and the losses in some sectors are concerning. It remains to be seen whether the labor market is starting to cool off as the Federal Reserve raises interest rates to combat inflation.
Here are some of the key takeaways from the March 2023 jobs report:
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