March 2016 Labor Department Job Report

unemployementMarch job report was released on April 1st by by the Labor Department and it showed a 215,000 jump in payrolls for the month of March 2016. The number capped the best two-year period for hiring since the late 1990s. It exceeded many expert’s projected number of 175,000 – 190,000 jobs.

It would appear that after years of economic struggles, the economy has finally regained some footing that was lost in last decade’s recession.

Companies across the country have been hiring at a higher rate and wages are rising faster than inflation. Perhaps the most encouraging news is that people who dropped out of the job search market because they were unable to find jobs are now finding work.

However, a strong job report will certainly not be enough to prod the Federal Reserve to raise interest rate when they reconvene in late April. Federal Reserve Chairwoman, Janet Yellen said that policymakers will “proceed cautiously.” With that said, given the weakness of foreign currency and low inflation, policymakers could be convinced to act in June.