Economy adds 303,000 jobs in March

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 5 April 2024

⏱️ 1 minutes

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Summary

Stocks close higher; average pay continues to outpace inflation; unemployment rate ticks down; consumer credit rises.

Transcript

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0:00.0	This is the marketplace minute.
0:03.8	I'm Justin Ho.
0:05.3	Stocks closed higher after the Labor Department reported that employers added
0:08.7	303,000 jobs in March.
0:11.5	The Dow gained 8 tenths percent. The S&P added 1 and 1 tenth percent, and the
0:16.3	NASDAQ rose 1 and a quarter percent. The biggest job gains in March happened in
0:21.0	health care, government and construction. Leisure and
0:23.8	hospitality added a lot of jobs too. Average hourly earnings were up 4.1% from the
0:29.1	same time a year ago. Pay increases are still outpacing inflation, though their yearly growth has been trending down.
0:36.0	The unemployment rate ticked down to 3.8%.
0:40.0	Question is whether this continued strength in the labor market will affect the Federal Reserve's plans to cut interest rates.
0:46.0	And the Central Bank reported that consumer credit rose in February, up 3.4% of the last year.
0:52.0	Most of that was credit card debt and other types of revolving loans.
0:56.0	I'm Justin Ho, with the marketplace minute. You're going to.

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