US jobs gain but Fed wary on rates
Print Edition
US employment increased solidly in March and wages rebounded, underscoring the economy’s resilience, but the Federal Reserve is expected to remain cautious in raising interest rates this year due to slowing global growth.
Nonfarm payrolls gained 215,000 last month, the Labor Department said yesterday. Data for January and February were revised slightly down to show 1,000 fewer jobs created than previously reported.
Average hourly earnings rose 7 cents. While the jobless rate rose to 5 percent from an eight-year low of 4.9 percent, it was because more Americans returned to the labor force, a sign of confidence in the jobs market.
The labor market has largely shrugged off slowing global economic growth, a robust US dollar that has hurt manufacturing exports, and cheap oil prices, which have hit energy sector profitability.
March’s strong employment report will likely have little impact on monetary policy in the near term, with the Fed appearing to be more focused on international developments.
“It was another solid report. As far as the Fed is concerned, it doesn’t change anything for them. I think given what we heard this week from (Fed Chair Janet) Yellen ... their focus is elsewhere,” said Curtis Long, chief economist at the National Association of Federal Credit Unions in Washington.
Yellen said on Tuesday that slowing world growth and lower oil prices posed a downside risk to the US economic outlook.
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