US economy has Wall Street 'borderline speechless' after blowout March jobs report
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The US economy added 303,000 jobs in March, nearly 100,000 more than expected, and the unemployment rate fell to 3.8%. The percentage of Americans participating in the workforce increased, and the manufacturing sector has entered expansion territory. Layoffs have remained low, and labor productivity is picking up for the first time in 15 years. These positive economic indicators have led forecasters to boost their outlook for US economic growth in 2024. The rise in the US population and increased immigration have contributed to the robust economy. The Federal Reserve is not concerned about further expansion of the labor market leading to inflation. The strong economic growth has reduced expectations of Federal Reserve interest rate cuts. Despite this, the stock market has rallied in response to the positive economic news.
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