{"id":2213647,"date":"2024-04-05T09:26:21","date_gmt":"2024-04-05T13:26:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economy-crushes-expectations-with-303000-new-jobs-in-march\/"},"modified":"2024-04-05T10:14:36","modified_gmt":"2024-04-05T14:14:36","slug":"economy-crushes-expectations-with-303000-new-jobs-in-march","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economy-crushes-expectations-with-303000-new-jobs-in-march\/","title":{"rendered":"The economy surpasses projections with 303,000 new jobs added in March"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feconomy-crushes-expectations-with-303000-new-jobs-in-march%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2213647&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Bureau\u2063 of Labor Statistics reported that the economy added 303,000 jobs in \u200bMarch, exceeding\u200b expectations. With the unemployment rate dropping to 3.8%, the positive job report is seen as a win for President Joe Biden. \u2063However, \u200cconcerns over\u2064 inflation persist as prices of\u200d commodities like \u2062oil, cocoa, and coffee hit record \u2064highs, potentially impacting consumer spending. Here is the revised text:<\/p>\n<p>&#8220;The Bureau of Labor Statistics reported that the \u2064economy\u2063 added 303,000 jobs in March, exceeding expectations.\u2062 With the unemployment rate dropping\u200d to 3.8%, the positive job report is \u200cseen as a win \u2063for President Joe Biden.\u200d However, concerns over inflation persist as prices of commodities like oil, cocoa, and coffee hit record highs, potentially impacting consumer spending.&#8221;  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/economy\/\" target=\"_blank\" rel=\"noreferrer noopener\">economy<\/a> added 303,000 <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/jobs\/\" target=\"_blank\" rel=\"noreferrer noopener\">jobs<\/a> in March, the Bureau of Labor Statistics reported Friday, a number that exceeds expectations and comes as good news for President Joe Biden as the general election draws nearer. <\/p>\n<p>Economists had forecast about 212,000 new payroll jobs, adjusted for seasonal variation. <\/p>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/unemployment\">unemployment<\/a> rate fell to 3.8%, a low level by historical standards. The February jobs data adds to other evidence that the labor market is retaining strength. <\/p>\n<p>The better-than-expected jobs report is a boost for the White House, which has been working to credit Biden for the strong job creation during his time in office, characterizing the underlying strength of the labor market and broader economic growth as \u201cBidenomics\u201d in action.<\/p>\n<p>Overall, the labor market has held up remarkably well despite the Fed\u2019s interest rate target being at 5.25% to 5.50%, the highest level since the start of the 21st Century. There were expectations that unemployment would be much higher than it is now, and many economists anticipated the U.S. would have entered a recession by now \u2014 predictions that proved incorrect.<\/p>\n<p>Still, while the labor market on balance has proved resilient, public sentiment by the economy has been soured by high inflation.<\/p>\n<p>The Federal Reserve hopes to drive inflation down to 2% through its tighter monetary policy, but inflation has proved stickier in the past few months than anticipated. Annual inflation as gauged by the closely watched consumer price index <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/2914554\/inflation-unexpectedly-rose-to-3-2-in-february-as-fed-weighs-rate-cuts\/\">is at 3.2%<\/a> and in the Fed\u2019s preferred gauge, the personal consumption expenditures price index, inflation <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/2943909\/inflation-rose-slightly-to-2-5-in-february-in-gauge-preferred-by-fed\/\">ticked up slightly<\/a> to 2.5% in February.<\/p>\n<p>Consumers are laser-focused on inflation and the prices of various goods \u2014 something that Republicans have been keen to emphasize and use as a cudgel against Biden and Democrats.<\/p>\n<p>In the past month, the prices of commodities like cocoa, olive oil, and coffee have broken all-time records or have hovered near all-time highs. For instance, prices on cocoa futures topped $10,000 per pound for the first time \u2014 staggering 128% growth since the start of the year. While it hasn\u2019t yet, eventually that will translate to higher chocolate prices in the U.S.<\/p>\n<p>The global price of olive oil peaked in January but has remained near record highs while the global benchmark for coffee hit an all-time record this week.<\/p>\n<p>Perhaps most notably, the price of oil \u2014 which soared in 2022 when Russia invaded Ukraine \u2014 is once again on the rise. Crude oil futures are up more than 20% since the start of the year. Eventually, higher crude prices will translate to more pain at the pump for consumers during a major election year. Gas prices are up 6% over the past month, according to <a href=\"https:\/\/www.calculatorsoup.com\/calculators\/algebra\/percent-change-calculator.php\">AAA<\/a>.<\/p>\n<p>Taken together, it is an unusual economic landscape for the U.S. Inflation is sticky, interest rates are soaring, yet gross domestic product is expanding and unemployment is low. The questions now are how long the labor market can remain above water and when will the Fed lower interest rates.<\/p>\n<p>\u201cLast year\u2019s combination of resilient growth and moderating inflation is unusual historically and should be celebrated,\u201d said Simona Mocuta, committee chair and chief economist at State Street Global Advisors. \u201cThe elements appear in place to extend a milder version of this in 2024, although we should not take this for granted.\u201d<\/p>\n<p>The central bank itself projects that the unemployment rate will rise to 4% by the end of the year, still a relatively low level given the higher interest rates. Fed officials have also indicated that they think there will be three downward revisions to the federal funds rate, although only two is also likely.<\/p>\n<p>The question of when the Fed will start cutting rates is also open to much speculation.<\/p>\n<p>Just four months ago in December, most investors expected that the central bank would have already cut interest rates by now. But given the stickier inflation, the first rate cut is expected to come in June or July.<\/p>\n<p>Investors are pricing in a probability of just over 61% that the Fed will end up cutting interest rates by the time its June meeting has concluded, according to the CME Group\u2019s FedWatch tool, which calculates the probability using futures contract prices for rates in the short-term market targeted by the Fed.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>But predictions on rates cuts are shaded by much disagreement. There is about a 1 in 4 chance that the Fed doesn\u2019t cut during its next three meetings and finally pivots in September, according to investors.<\/p>\n<p>The Fed is threading the needle by holding rates at their current level. On one hand, the central bank wants to be certain that inflation is falling to 2%, and if it cuts too soon, too-high inflation could rear its ugly head once again. On the other hand, if the Fed keeps rates too high for too long, the labor market could take a whack and GDP growth could fall, possibly resulting in a recession.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In March, the economy exceeded expectations by adding 303,000 jobs, according to the Bureau of Labor Statistics. This positive news benefits President Joe Biden as the election approaches. Economists had predicted around 212,000 new payroll jobs. The unemployment rate dropped to 3.8%, a historically low level<\/p>\n","protected":false},"author":2683,"featured_media":2213648,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/unemployment-now-hiring-1024x591.jpg","fifu_image_alt":"The economy surpasses projections with 303,000 new jobs added in March","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2213647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/unemployment-now-hiring-1024x591.jpg","fifu_image_alt":"The economy surpasses projections with 303,000 new jobs added in March","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2213647"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2213647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2213648"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2213647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2213647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2213647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}