Key Takeaways:
- The labor market is adding more jobs than expected.
- The unemployment rate has decreased.
- Interest rates will likely remain the same.
Once again, the labor market exceeded expectations in March, leaving economists still scratching their heads for months on end.
According to the U.S. Labor Department’s job report for March 2024, employers added 303,000 jobs and the unemployment rate decreased to 3.8%, and wages rose 0.3%. With the rising number of jobs and wages means the hope for lower interest rates will not be on the horizon anytime soon.
Stay tuned for more valuable data insights and predictions for WageScape. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the April pre-job report.
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