March jobs report falls short of the mark

By: Miguel A. Rodriguez

18:38, 01 April 2022

Amid inflation and worries about a looming recession, the US economy added fewer jobs than expected

The Bureau of Labor Statistics released the March non-farm payrolls, which came in at 431,000; economists were looking for 492,000 new jobs. Last month, the US non-farm payrolls rose by 678,000 compared to the 407,000 expected.

At the same time, the unemployment rate was 3.6%.

Leisure and hospitality led to job creation with a gain of 112,000. Professional and business services accounted for 102,000 of the totals, while retail was up 49,000 and manufacturing added 38,000. Financial activities gained the least – 16,000 new jobs.

Even though hiring on the top line has been strong, there's still a gap of about 5 million job openings as opposed to the number of available workers.

Now, markets expect rate increases at each of the six remaining Fed meetings this year. It is likely to start with a half-percentage-point move in May and continue to total 2.5 percentage points before the end of the year.

The markets barely reacted to the news, with the Dollar Index up 0.2%, trading at 98.537.


Share this article

This information prepared by is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation, or the particular needs of any recipient.You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation, or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.This information may not be published, circulated, reproduced, or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of Financial Services (Pty) Ltd trading as CAPEX.COM/ZA acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via CAPEX.COM/ZA, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15.  Magnasale Trading Ltd is the principal to the CFD purchased by investors.