Job Market Stays Strong Despite Federal Reserve Efforts; Employers Add 303,000 Jobs in March

In recent news, the Labor Department reported that the number of Americans applying for jobless benefits decreased last week, indicating continued strength in the labor market despite the Federal Reserve’s efforts to slow it down. The four-week average of claims also decreased by 250 to 214,250.

Despite concerns from some economists that the rapid rate hikes could push the country into a recession, jobs have continued to be readily available, and the economy has shown resilience. In March, U.S. employers added 303,000 jobs, which contributed to a decrease in the unemployment rate from 3.9% to 3.8%. This marks the 26th consecutive month where the unemployment rate has been below 4%, the longest streak since the 1960s.

While layoffs overall are minimal, there have been recent announcements of job cuts, particularly in the technology and media sectors. Companies like Google parent company Alphabet, Apple, eBay, TikTok, Snap, Amazon, Cisco Systems, and the Los Angeles Times have all reported layoffs. Additionally, UPS, Macy’s, and Levi Strauss have also recently reduced their workforce. As of the week ending March 30