US Labor Market Cools with 236K Jobs Added in March

The US economy added just 236,000 jobs in March, below expectations, indicating a cooling labor market amid the Federal Reserve's rate-hiking campaign. The unemployment rate dropped to 3.5%, but economists were expecting a jobless rate of 3.6%. Industries such as leisure and hospitality, health care, and government continued to lead the way in job gains, while industries reporting monthly losses included retail trade, temporary help, manufacturing, construction, and information services. The job market remains above pre-pandemic norms, but the average workweek inched down, indicating employers could be starting to cut hours.