As Q1 closes out, the Labor Market is showing signs of cooling, with hiring slowing and the smallest monthly employment increase in more than two years. Worker availability improved slightly; however, the market is still tight and finding workers with desired skills and experience remains challenging. Average hourly earnings moderate to 4.2% in March from 4.6% in February without an uptick in the unemployment rate, reflecting a strong but cooling market.
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The end of February sees the jobs market continuing to be tight, though some soft spots are starting to show (hiring has moderated somewhat, and wage growth is high but cooling). It’s not enough, however, for the Federal Reserve to discontinue the cadence of interest rate hikes.
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