The U.S. job market maintained its strong momentum in March, with nonfarm payrolls rising by 236,000 jobs and the unemployment rate dropping to 3.5%, according to the Labor Department. Although this figure is slightly lower than the expected 239,000, it still reflects tight labor market conditions and could result in the Federal Reserve raising interest rates next month. The positive data had a mixed impact on the market, with S&P e-mini futures slightly up, while the yield on 10-year Treasury notes rose. Some economists cautioned that although the job market remained robust, the pace of job growth was slowing. Nonetheless, average hourly earnings came in slightly below expectations, further easing the pressure on the Fed to hike rates. The rise in labor force participation also bodes well for future growth.
