Despite surging inflation, the yearlong hiring wave likely continued last month in the face of yet another jolt: Russia’s war on Ukraine.
Defying a pandemic and supply chain disruptions, the U.S. economy has cranked out more than 400,000 jobs every month for nearly a year — a blazing winning streak in wildly uncertain times.
And despite surging inflation, the hiring wave likely continued last month in the face of yet another jolt: Russia’s war in Ukraine, which has unsettled the economic outlook and catapulted gasoline prices to painful levels.
Economists surveyed by the data firm FactSet expect the Labor Department’s jobs report for March to show that employers added 478,000 jobs and that the unemployment rate dipped from 3.8% to 3.7%. That would mark the lowest unemployment rate since just before the pandemic struck two years ago, when joblessness reached a 50-year low of 3.5%.
The government will issue the March jobs report at 8:30 a.m. Eastern time Friday.
“With the war in Ukraine, economic uncertainty rising and surging energy prices, we may see a modest slowdown in hiring in March,’’ said Daniel Zhao, senior economist at the jobs website Glassdoor. “However, employer demand remains strong, which should sustain a healthy level of hiring.”
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