[Foreign media...] US jobs surge unexpectedly in March despite Iran war

https://www.bbc.com/news/articles/crk165g4vv3o

Hiring in the US surged last month, despite the energy shock and 
uncertainty stemming from the US-Israel war in Iran.

Employers added 178,000 jobs, far more than expected, while the 
unemployment rate dipped to 4.3%, the Labor Department said.

Analysts said the gains were likely lifted by the end of strikes in the 
health care industry which had led to steep losses in February. But the 
figures are still likely to increase confidence in the resilience of the 
job market, which has slowed sharply over the last year.

It is also expected to bolster the case for the US central bank to hold 
off on cutting interest rates, as it waits to see what impact the rise in 
oil prices has on the economy.

US President Donald Trump has pushed the Federal Reserve to lower 
borrowing costs aggressively, a move that would give the economy a boost.

But the bank has held off in recent months, citing concerns about 
inflation, which remains above its 2% target. Fed chair Jerome Powell has 
described the economy as being in a delicate balance, with muted job 
creation but also relatively limited job cuts.

The White House crackdown on immigration, and other policy changes such as 
tariffs have contributed to the static market.

The war in Iran could add to that dynamic, though it remains too soon to 
fully gauge its impact. The Labor Department typically surveys employers 
and households around the middle of the month, which was only a few weeks 
after the conflict had started.

Economists have warned that a sustained rise in oil prices could push up 
transport and food costs, pushing households and businesses to cut back 
spending in other areas and leading to a wider slowdown.

"The question now is how much blowback will come from the war in Iran and 
the associated uncertainty around energy prices," said Olu Sonola, head of 
US economics at Fitch Ratings.

The Labor Department report showed job gains in March were driven by the 
health care industry, but extended into other sectors, including 
construction and manufacturing.

Financial firms and those in the information sector, which includes film, 
publishing and tech posted losses, as did the government.

Sonola described the latest figures as "great" but cautioned that hiring 
has bounced up and down for much of the last year, reflecting business 
uncertainty. He said that was poised to increase due to the war.

"For the Fed, wait-and-see is the only sensible option at this point," he 
said.


-- 
November 5, 2024 - Congratulations President Donald Trump.  We look 
forward to America being great again.

We live in a time where intelligent people are being silenced so that 
stupid people won't be offended.

Every day is an IQ test. Some pass, some, not so much.

Thank you for cleaning up the disasters of the 2008-2017, 2020-2024 Obama 
/ Biden / Harris fiascos, President Trump.

Under Barack Obama's leadership, the United States of America became the 
The World According To Garp.  Obama sold out heterosexuals for Hollywood 
queer liberal democrat donors.