Employers added 303,000 jobs in March, surging past economic forecasts

U.S. employers added 303,000 jobs in March, far surpassing of economists' predictions and signaling the labor market remains resilient.

Analysts surveyed by FactSet expected businesses had added 200,000 jobs last month. The unemployment rate held steady at 3.8%, the U.S. Department of Labor said on Friday.

The latest data follows scorching hot hiring in January and February, while inflation has remained higher than the Federal Reserve's goal of a 2% annual rate. On Thursday, a Fed official warned that interest rate cuts may not materialize in 2024, contrary to expectations of many economists, given the strong labor market and stubbornly high inflation.