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The US workforce added 303,000 jobs last month, far more than expected and the 39th straight month of job gains in the US. The unemployment rate dipped to 3.8%.

Joe Biden hailed the report as “a milestone in America’s comeback”.

“Three years ago, I inherited an economy on the brink. With today’s report of 303,000 new jobs in March, we have passed the milestone of 15m jobs created since I took office. That’s 15 million more people who have the dignity and respect that comes with a paycheck,” he said.

Economists had expected the US to add 192,000 jobs for the month. Hiring has remained surprisingly strong despite the Federal Reserve’s attempts to cool inflation by raising interest rates.

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America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.

Remarks last week by Federal Reserve Chair Jerome Powell about a spate of coming bank failures related to the faltering commercial real estate sector have sent shockwaves through the financial world, leading some investors to run for cover and others to look for opportunities.

With the typical U.S. commercial lease ranging from three to five years, the clock is ticking for office and retail property owners and their creditors in the financial sector as remote work has taken off and prompted changes in urban land use.

Employers added 275,000 jobs across the US last month, as the labor market continues to grow at a clip in the face of the high interest rates.

Job growth exceeded expectations of 200,000 on Wall Street in February and rose from the previous month’s revised rate of 229,000.

Unemployment stood at 3.9%, according to data released on Friday morning by the Bureau of Labor Statistics (BLS), a 0.2% increase compared to January. The unemployment rate has now been under 4% for 25 consecutive months, the longest such streak since the 1960s.

Industries that saw an increase in jobs include healthcare, government employment and food services and drinking places.

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US stock markets closed at record highs on Friday powered by investors’ continued enthusiasm for artificial intelligence (AI).

Both the S&P 500 and the tech-dominated Nasdaq set records, with the Nasdaq passing its last peak in 2021, driven higher by gains for Facebook owner Meta and Nvidia, the leading AI chipmaker.

Nvidia closed above $2tn in market value for the first time. Nvidia’s market value has doubled in nine months. Shares of rival Advanced Micro Devices also reached a record high, and the broader Philadelphia semiconductor index set a new record.

Macy's on Tuesday forecast annual sales and profit below expectations and said it would shutter about 150 stores through 2026 as part of a new plan that would help save $100 million in costs this year.

Its shares rose 7% as the department store chain also beat quarterly profit estimates. They have lagged peers in 2023, declining about 3% compared to a 13% jump in rivals Nordstrom and Kohl's.

The locations made up for less than 10% of Macy's annual sales and were mostly underperforming mall-based stores, CFO Adrian Mitchell told Reuters. No additional layoffs were planned due to the closures.

Sluggish sales have landed the upscale retailer in the crosshairs of activist shareholders and attracted potential bidders, while it also faces a proxy battle from Arkhouse Management after it nominated nine candidates to its board.

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