CBS News
Employers added 303,000 jobs in March, surging past economic forecasts
U.S. employers added 303,000 jobs in March, far surpassing of economists’ predictions and signaling the labor market remains resilient.
Analysts surveyed by FactSet expected businesses had added 200,000 jobs last month. The unemployment rate held steady at 3.8%, the U.S. Department of Labor said on Friday.
The latest data follows scorching hot hiring in January and February, while inflation has remained higher than the Federal Reserve’s goal of a 2% annual rate. On Thursday, a Fed official warned that interest rate cuts may not materialize in 2024, contrary to expectations of many economists, given the strong labor market and stubbornly high inflation.
The “payroll report, particularly the hourly wage component, coupled with next week’s CPI and PPI reports, will move the needle on rate cut probabilities — in either direction,” said Quincy Krosby, Chief Global Strategist for LPL Financial, in an email.
Wall Street will be closely watching the next consumer price index report, or CPI, which is scheduled to be released on April 10. Economists expect prices rose 3.5% on an annual basis in March, which would represent an uptick from the previous month’s 3.2% increase, according to FactSet.
The Federal Reserve has raised interest rates 11 times in the last two years as it battled the hottest inflation in 40 years. While price increases are moderating, inflation has remained above 3% in 2024, higher than the Fed’s goal of 2%.
—This is a developing story and will be updated.
A Frontier flight appeared to catch fire as the plane was landing Saturday at Harry Reid International Airport in Las Vegas, Nevada. Cell phone video showed flames and billows of smoke on the plane’s undercarriage as it touched down on the runway. Fire trucks and other emergency service vehicles rushed onto the runway, as smoke continued to surround the plane.
“Frontier flight 1326 experienced a hard landing,” a spokesperson for the airport confirmed to CBS News. “The Clark County Fire Department responded immediately and all passengers and crew have been safely transported to the gated area. No injuries were reported.”
Frontier flight 1326 from KSAN-KLAS just caught fire on landing at KLAS.
I caught it on video as it landed pic.twitter.com/KGt1Asx3rv
— Tyler (@TylerHerrick) October 5, 2024
Frontier Flight 1326 left San Diego at 1:51 p.m. Pacific Time and landed at Las Vegas at 3:37 p.m., according to Flight Aware.
“The pilots detected smoke and declared an emergency,” a spokesperson for Frontier Airlines confirmed to CBS News. “The aircraft landed safely and all passengers and crew were evacuated via airstairs. No injuries were reported, and passengers have been bussed to the terminal. The cause of the incident is currently under investigation.”
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
$100 million in federal funds released for North Carolina to rebuild roads, bridges damaged by Helene
Washington, D.C. – The U.S. Department of Transportation released $100 million in emergency funds on Saturday for North Carolina to rebuild its roads and bridges damaged by Helene.
“We are providing this initial round of funding so there’s no delay getting roads repaired and reopened, and re-establishing critical routes,” said U.S. Transportation Secretary Pete Buttigieg in a statement. “The Biden-Harris administration will be with North Carolina every step of the way, and today’s emergency funding to help get transportation networks back up and running safely will be followed by additional federal resources.”
The storm caused rampant flooding that has devastated several towns and killed more than 225 people – with CBS News confirming at least 114 people killed in North Carolina. There was more than 8 inches of rain across the western North Carolina mountains, with some areas seeing more than a foot.
Hundreds of roads across Western North Carolina remain closed, leading to an increase in air traffic as teams scour the region for survivors by air. Air traffic over Western North Carolina has increased by 300% due to relief efforts since the storm cleared, the Federal Aviation Administration and the North Carolina Department of Transportation.
Mudslides blocked Interstate 40 and other highways in North Carolina and about 400 roads were closed due to damage from Helene. Interstate 40 was damaged at several locations, the Department of Transportation said.
President Biden visited the Carolinas on Wednesday, surveying the flood damage by air from Greenville, South Carolina, to Asheville, North Carolina. Mr. Biden announced the federal government would cover “100%” of all debris removal and emergency protective measure costs in North Carolina for six months.
The Department of Transportation said these relief funds will allow the North Carolina Department of Transportation to act more quickly to fund eligible repairs to their damaged facilities.
Li Cohen and
contributed to this report.
