Job creation in the US moderates and gives the Federal Reserve a break

Job offer at a pizzeria in Prospect Heights (Illinois), this Tuesday. Nam Y. Huh (AP)

US jobs numbers have beaten analyst forecasts in each of the last 11 reports, but March's seems to indicate some moderation.

The US economy created 236,000 jobs and unemployment remained at 3.5%, just one tenth less than in February, which closed at 3.6%.

Unlike in January, when job creation shot up by surprise, analysts expected the creation of 240,000 jobs last month.

This slight difference may give the Federal Reserve some respite ahead of its next meeting, on May 3, in tightening monetary policy.

Employment continued to increase in the leisure and hospitality sectors, public administration, services and health.

The data, according to analysts, is somewhat worse than what the central bank expected in a month weighed down by the biggest upheaval in the banking system since the 2008 crisis, an event that, at least for a brief period, diverted concern from the Fed from inflation to financial stability.

Despite the timid slowdown in March, job creation since 2022 doubles the ratio of the approximately 100,000 jobs per month necessary to maintain the rate of growth of the active population in the country.

Despite the massive layoffs in the technology and financial sectors, the job market remains strong, in fact February data was revised upwards and showed the creation of 326,000 jobs, instead of the previously reported 311,000.

American employers created some 4.3 million jobs in the 12 months to February, according to the Bureau of Labor Statistics, pushing the unemployment rate to its lowest level in 53 years.

July 2022 and last January stood out in that period.

The buoyant labor market has made it difficult for the Fed to reduce inflation.

The combination of strong hiring and higher wages has put pressure on prices, even as other sectors of the economy already show signs of slowing.

But the job market seems to be at a turning point.

A Labor Department report released Tuesday indicated employers were beginning to slow down hiring.

At the same time, the job abandonment rate rose, an indicator that Americans feel safe leaving one job and looking for another, a phenomenon known as the Great Quit.

Along the same lines as the Labor report, there is an abundance of data relating to applications for unemployment benefits, which are computed weekly.

Those released last week indicate that the labor market remains strong, although revisions to the data indicate some emerging signs of relief.

Contradictory signals increase volatility in the stock markets.

Following an impressive first-quarter rally, rate-sensitive tech stocks racked up three days of losses on Thursday, as investors increasingly feared the Fed would be forced to raise rates, even if it leads to a recession.

The relevance of the employment data in the debate on whether or not the risk of recession has been overcome is unquestionable.

The Good Friday holiday has closed the stock markets in the US today, so the reaction to the publication of the data will not take place until Monday.

Only the dollar has reacted, and it has done so strongly.

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