(TheConservativeTimes.org) – The job market in the United States continues to boom, especially since employers recently added three hundred thousand jobs just in the last month, which is one of the biggest gains in a year. The jobless rate fell by almost four percent in multiple categories such as healthcare, construction, and some government roles.
Economists projected an increase of two hundred thousand jobs, meaning that far more jobs have been added than they were expecting. Experts say that this could delay interest rate cuts; the United States central bank interest rate is at about 5.5%, which is the highest it has been in nearly two decades. Analysts believe that the Federal Reserve cut these rates to avoid a harsh slowdown but now they are not certain.
Paul Ashworth, chief economist at Capital Economics spoke out about the increase in jobs. “The blockbuster 303,000 increase in non-farm payrolls in March supports the Fed’s position that the resilience of the economy means it can take its time with rate cuts, which might now not begin until the second half of this year,” Ashworth said.
They said that the millions of immigrants that have come to the United States have helped with the growing job market.
Biden described these results as a “milestone in America’s comeback.” The report states, “the economy has plenty of excess energy that may need to be tamed by continued higher rates,” which makes people think a rate cut might not come until next year.
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