US adds robust 311,000 jobs despite Fed rate hikes
The American job market has once again confounded expectations. The nation's employers added a hefty 311,000 jobs last month, the government reported Friday, easily surpassing the 208,000 gain that forecasters had expected. The latest evidence that businesses' demand for workers is still robust complicates things for the inflation fighters at the Federal Reserve: They want to see clear signs that the economy and the job market are cooling off before they would consider easing up on their interest rate hikes.
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The unemployment rate rose to 3.6%, from a 53-year low of 3.4%, as more Americans began searching for work but not all of them found jobs.
