America’s employers added a sizzling 303,000 workers to their payrolls in March.
WASHINGTON — America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.
In a statement Friday, though, Biden argued that the economy’s strong performance means that his policies are paying off. Though most industries added jobs last month, hiring was mainly concentrated in three categories: Healthcare and private education, leisure and hospitality and government accounted for nearly 69% of the hiring. In addition, construction companies added a solid 39,000 jobs.
The much higher borrowing costs for individuals and companies that resulted from the Fed’s rate hikes were widely expected to trigger a recession, with waves of layoffs and a painful rise in unemployment. Yet to the surprise of just about everyone,— the amount of output that workers produce per hour — made it easier for companies to hire, raise pay and post bigger profits without having to raise prices.
The still-strong demand for labor has meant that some employers are still struggling to fill vacancies. One of them is John Zmuda, president of Moseys Production Machinists in Anaheim, California, who said it’s still “extremely hard’' to find workers.
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