(corrected rpt)
WASHINGTON, April 5 (KUNA) -- The US economy added 303,000 jobs in March, remarkably surpassing expectations of only 205,000 jobs, according to Friday data from the Labor Department.
The new figure takes the unemployment rates down to 3.8 percent, underscoring the ongoing resilience of the US labor market.
The latest employment snapshot comes after 11 rate hikes from the Federal Reserve in its battle to rein in inflation.
Friday's data likely underscores for the central bank the importance of patience before starting to cut rates to keep the economy in a "Goldilocks" state that is neither so hot that it increases inflation nor so cold that it triggers a recession.
"Today's report marks a milestone in America's comeback," US President Joe Biden said in a White House statement welcoming the jobs report.
"Three years ago, I inherited an economy on the brink. With today's report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office. That's 15 million more people who have the dignity and respect that comes with a paycheck." The US leader affirmed that his plan is growing the economy from the middle out and the bottom up, investing in all Americans, and giving the middle class a fair shot.
"Unemployment has been under 4 percent for the longest stretch in more than 50 years. Wages are going up. Inflation has come down significantly," he clarified.
Biden vowed that he won't stop fighting for hardworking families.
"I'm taking action to lower costs, from bringing down the price of insulin and inhalers and prescription drugs, to eliminating junk fees. I'm calling on large corporations to pass along their record profits to consumers," he said.
He also promised to continue to stand against Congressional Republicans' efforts to "cut Social Security, Medicare, and Medicaid and to enact massive tax giveaways for the wealthy and big corporations". (end) rsr.ibi