America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic, Russia’s war against Ukraine …
America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic, Russia’s war against Ukraine and the highest inflation in 40 years.
The job growth in March, though solid, was the lowest since September and slightly below what economists had expected. Still, Vincent Reinhart, chief economist at Dreyfus and Mellon, said the numbers show that “the U.S. economy continues to have underlying momentum and that firms are taking workers when they can.″
The steady job growth has failed to buoy President Joe Biden’s flagging popularity, with the gains overshadowed in the public’s mind by chronically high inflation. With Russia’s invasion of Ukraine driving oil and gasoline prices higher, Biden has announced plans to release a million barrels of oil daily from the U.S. strategic reserve for the next six months.
Some economists sounded a note of caution, though, suggesting that the prospect of much higher borrowing rates engineered by the Fed will inevitably slow the job market and the overall economy.
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