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February 28, 2024
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Business

U.S. unemployment rate drops to 3.6% as labor market rapidly tightens

Published by
Reuters

By Lucia Mutikani WASHINGTON (Reuters) – U.S. employers maintained a brisk pace of hiring in March, driving the unemployment rate to a new two-year low of 3.6% while also boosting wages, resulting in a further tightening of labor market conditions and opening the door to a hefty 50 basis points interest rate hike from the Federal Reserve in May. The Labor Department’s closely watched employment report on Friday also showed more people joining the workforce, likely attracted by the higher wages. Employment in professional and business services, financial activities and retail sectors is now abo…

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