US economy adds 303,000 jobs, unemployment falls to 3.8% in March as labor market continues to impress
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The US economy added 303,000 jobs in March, exceeding economists' expectations of 214,000. The unemployment rate decreased to 3.8% from 3.9% in February. Wages increased by 4.1% year-over-year, the lowest annual gain since June 2021. Federal Reserve Chair Jerome Powell expects three interest rate cuts later this year. The labor force participation rate increased to 62.7% from 62.5%, and the average weekly hours worked increased from 34.3 to 34.4. The healthcare sector added 72,000 jobs, government employment added 71,000 jobs, and construction added 39,000 jobs. Other data, such as the Job Openings and Labor Turnover Survey and ADP private employment data, also indicate a resilient labor market.
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