In March, the US economy added 228,000 jobs, significantly surpassing expectations of 137,000. However, the unemployment rate rose unexpectedly to 4.2%, up from 4.1%. Federal job cuts had begun, impacting thousands and creating uncertainty among workers. Concurrently, consumer confidence has declined markedly, contributing to a 'vibecession.' The University of Michigan and Conference Board data reflect a deterioration in sentiment, with many Americans expressing pessimism regarding future job market conditions and overall economic prospects, which have hit a 12-year low.
Americans have been losing confidence in the US economy, adding to an emerging vibecession amid a cooling but still fairly strong labor market.
Unemployment unexpectedly jumped to 4.2%, surpassing expectations, with job growth measured at 228,000 against a forecast of just 137,000.
Consumers' expectations were especially gloomy, with pessimism about future business conditions deepening and confidence about future employment prospects falling to a 12-year low.
Federal government employment fell by 4,000 in March, while agencies prepare for extensive workforce reductions amidst legal limbo for many terminated workers.
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