US adds 236,000 jobs in March as labor market weakens

theguardian.com:

The US added 236,000 jobs in March, a sign of gradual weakening in the labor market as the effects of the Federal Reserve’s interest rate increases start to be seen in the economy.

Friday’s jobs report provides data that will heavily influence the Fed’s decision to either halt or continue interest rate hikes at its next board meeting in early May.

The Bureau of Labor Statistics’ (BLS) report on Friday was on par with what economists had expected from the jobs market as the Fed hiked interest rates. March saw about 75,000 fewer jobs added to the economy compared with February, which was already a drop compared with the 504,000 jobs that were added in January. The unemployment rate dropped 0.1% to 3.5%.

Fewer jobs were added to leisure and hospitality and healthcare than in previous months, though the industries are still trending up in job availability. Government and professional and business services continued to grow at similar paces as previous months.

Ahead of the government’s job survey other reports gave hints that the labor market, while still growing, is cooling from highs seen over the last two years. BLS’ Job Openings and Labor Turnover Survey last week showed that employers are starting to slow the pace of hiring. There were less than 10m active job openings by the end of February for the first time in nearly two years.

Payroll company ADP released its national employment report Wednesday, showing that private employers added 145,000 jobs in March – down from the 261,000 jobs in the private sector added in February.

Meanwhile, a report released Thursday from outplacement consultant firm Challenger, Gray & Christmas showed an uptick in job cuts in March. Last month, US-based employers cut 89,703 jobs – a 15% increase