info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

The United States Unemployment Rate Falls to 3.5 Percent in March 2023

By Garvit Vyas , 29 May, 2023

The United States economy adds up jobs quicker in March 2023. With this, the unemployment rate goes down to 3.5 percent. This signs persistent labor market closeness, which would witness the Federal Reserve raising interest rates again in May 2023.

According to the reports given by the Labor Department, the nonfarm payrolls increased by 2,36,000 jobs. March. The data shows that for February, up to 3,26,000 jobs were added in place of 3,11,000, as reported. Also, the slow hiring process reflected the faded boost from unseasonably mild weather in January and February.

As per the polls done, economists forecast payrolls to rise to 2,39,000. Also, the estimates ranged from 1,50,000 to 3,42,000. The reports further reveal the economy needs to create almost 1,00,000 jobs every month to keep up the growth in this working-age population.

As the most recent economic data says, it was too early for financial market stress as triggered by the failure of regional banks in the United States, that is, Signature Bank and Silicon Valley Bank, in March 2023 to show in the employment report.

The reports also show that the unemployment rate fell from 3.6 percent to 3.5 percent in February. Also, the average hourly earnings rose to 0.3 percent in March after 0.2 percent rise in February 2022. The financial markets inclined more towards the United States central bank increased rates by another 25 basis points at the May meeting, as told by CME Group's FedWatch tool.

   U.S.Jobless Rate Now at Lowest Since 1969

 

1969.jpg

Latest News

2025.png
How Cobots are Replacing Conveyor Belts in SMEs Market 2025

In 2025, The “Cobots” Adoption in SMEs Market will Begin Transitioning as Small and Medium Sized Enterprises (SMEs) in Europe, Asia, and North America are cross-adopting collaborative robots (cobots) to enhance intralogistics and material handling…

Read More

IIoT-Startups-Secure-Record-Funding-in-Q2.jpg
IIoT Startups Secure Record Funding in Q2

The unprecedented funding of Industrial Internet of Things (IIoT) startups in Q2 marks a new record, indicating strong investors' confidence against the backdrop of an ongoing digital transformation. IIoT startups seem to be enjoying the animated…

Read More

How-Tesla-and-BMW-Slashed-Downtime-Using-Predictive-Maintenance.jpg
How Tesla and BMW Slashed Downtime Using Predictive Maintenance in 2025

By 2025, Tesla and BMW have adopted predictive maintenance as a way to optimize operations within the automotive industry. Both companies have established AI maintenance systems to address equipment failures which has greatly improved unplanned…

Read More

Overview.png
Africa Off-Grid Solar Solutions Rural Electrification Market Sees Surge in Investment and Innovation in 2025

In 2025, Africa is witnessing significant transformation in the off-grid solar drive rural electrification. With a fast-growing population, and steady expansion of commercial sectors, the demand for clean and affordable energy solutions has been…

Read More

India-MedTech-Market-in-2025.jpg
Policy Shifts and Economic Impact on India MedTech Market in 2025

The India MedTech market in 2025 is set for profound shifts owing to new regulations as well as the increased focus on domestic manufacturing. With the post-pandemic healthcare needs soaring, the government's policy spending in 2025 aims to turn…

Read More

Author Pic
Garvit Vyas

Analyst