From National Association of Manufacturers

While unemployment is reaching historically low numbers in the US, the labor market may be softening, according to jobs numbers reported by The Washington Examiner.

The U.S. economy added 236,000 jobs in March, short of expectations, according to the Bureau of Labor Statistics. In manufacturing, employment edged down by 1,000, reported the National Association of Manufacturers (NAM). NAM stated, “A weaker jobs report indicates that the Fed’s rate hikes are beginning to work and could cause the central bank to lean toward a more dovish monetary stance.”

Average hourly earnings of production and nonsupervisory employees in manufacturing rose to $25.91 in March from $25.78 in February, with 4.7% growth in the past year.

March’s numbers follow several months of strong job gains. Jobs have so far proved resilient to inflation, but this latest report “raises fears that a recession is right around the corner.”

Adding to indications of a softer labor market is last week’s number of new applications for unemployment benefits.

At 228,000, the figure was much higher than recently reported numbers.