Employment Research Brief

April 12, 2023

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Tempering Job Creation May Herald Less
Inflation and Interest Rate Pressure Ahead


Employers continuing to hire, but at tapering pace. The economy welcomed 236,000 new positions in March, the slowest month for job creation since a net loss in December 2020. Hiring was led by the leisure and hospitality sector, along with additions in health care, the public sector, and professional and business services. These gains offset job losses in retail trade, construction and manufacturing. Overall, while last month’s hiring is well above the long-term average, it falls short of recent benchmarks and aligns with other indicators of a strong, but softening labor market.

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