U.S. payrolls rose at a firm pace last month with the unemployment rate dropping again near record lows, paving the way for the Federal Reserve to increase interest rates at its next meeting.
Nonfarm payrolls increased 236,000 — in line with forecasts — after an upwardly revised 326,000 advance in February, the Bureau of Labor Statistics said Friday. The unemployment rate fell to 3.5%.
There were signs of cooling, with annual wages rising at the slowest pace since June 2021. But overall the March data — following strong readings in the prior two months — paint a picture of resilient labor demand that is particularly remarkable as other parts of the economy slow. Payrolls have jumped by more than 1 million since the start of the year.
