The US labor market has been strong, but it is now showing signs of slowing down. Job cuts are increasing, hiring activity is losing momentum, and there is uncertainty about how the banking sector’s recent problems could affect the economy. The Bureau of Labor Statistics will release the jobs report for March on Friday, which could show a slowdown in job gains. Economists expect the monthly unemployment rate to remain at 3.6%, with average workweek hours unchanged at 34.5 and average earnings increasing slightly to 0.3% for the month. The labor market’s strength has been offset by losses in the tech and finance sectors, and there is still uncertainty about how these layoffs may affect the broader labor market.
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