The Federal Reserve has raised interest rates aggressively over the last year in a bid to slow inflation and the labor market.
Its efforts are still not quite feeding through to the data. Friday’s March jobs report is the latest case in point.
The U.S. economy created 236,000 jobs in March and the unemployment rate fell back to 3.5%.
As RSM chief economist Joe Brusuelas said in an email on Friday, the labor market remains “stout.”
With Friday’s data, the Fed is likely to raise rates by another 0.25% next month. The Fed’s forecasts published in March suggest that would mark the end of rate hikes for the Fed.