The U.S. job market is showing signs of softening as rising interest rates and slowing economic growth begin to take their toll on hiring.
Employers added 236,000 jobs in March, according to a report from the Labor Department Friday. That’s down from 326,000 jobs that were added the month before.
The unemployment rate dipped to 3.5% in March, from 3.6% in February, even as 480,000 new people joined the workforce. The unemployment rate for African Americans fell to 5% — the lowest level since the government began tracking the figure in 1972.
“The jobs market shifted to a lower gear in March,” said Nela Richardson, chief economist for the payroll processing company ADP.
Read more at NPR.org
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