Alabama unemployment numbers lower than national average

Alabama’s unemployment rate, according to the U.S. Bureau of Labor Statistics, is 2.5%, which is 1% lower than the national unemployment rate of 3.5%.

This came after 236,000 jobs were added to the national labor market in March, but economists were expecting 239,000 thousand new jobs.

The March jobs report was the first time in a year that the market came in below expected, however, economists argued this could be a sign that the labor market is cooling off.

“The Fed isn’t going to publicly say we want job losses, but I think the Fed knows and all the economists are there that know that if in flight, if the unemployment rate stays at 3.5% percent, you’re not likely to count our tame inflation,” said David Rubenstein, author of “How to Invest: Masters on the Craft.”

Jobs in the hospitality and leisure sector flourished in March, but researchers noted the recent job losses stemmed from the manufacturing and construction sector, and the number of temporary jobs decreased.

Despite the lower unemployment rate, some economists said it might not be enough to prevent the Feds from raising interest rates again next month.

“Inflation is extremely high and it’s hurting the working people of this country badly,” said Federal Reserve Chair Jerome Powell.

The Federal Reserve tried to engineer a soft landing-pad for inflation to ensure the country could ease into the economy’s reversal.

“We are taking the only measures we have to bring inflation down,” Powell said.

The average work week decreased from 34.5 hours to 34.4 hours a week.

“My guess is that the process of bringing down inflation will bring on a recession at some stage as it almost always has in the past,” said U.S. Treasury Secretary Larry Summers.

In the past 12 months, the net number of jobs nationwide increased by 4.1 million.