/biz/ - Business & Finance

Staff Review of the Economic Situation
The information available at the time of the March 21–22 meeting indicated that labor market conditions remained tight in January and February, with robust jobgains and the unemployment rate near a historical low.
Consumer price inflation—as measured by the
12-month percent change in the price index for personalconsumption expenditures (PCE)—was still elevated inJanuary. Real gross domestic product (GDP) appearedto be expanding at a modest pace in the first quarter.
Although financial market data had shown reactions todevelopments in the banking sector late in the intermeet-ing period, there were essentially no economic data avail-able that covered this period.Minutes of the Meeting of March 21–22, 2023
Total nonfarm payroll employment increased at a fastermonthly pace in January and February than in the fourthquarter of last year. The unemployment rate was littlechanged and stood at 3.6 percent in February. Over the
past two months, the unemployment rate for AfricanAmericans was unchanged, on net, and the unemploy-ment rate for Hispanics moved up; the unemploymentrates for both groups remained above the aggregatemeasure. The aggregate measures of both the laborforce participation rate and the employment-to-
population ratio increased slightly. The private-sectorjob openings rate in January—as measured by the JobOpenings and Labor Turnover Survey—was littlechanged, on balance, since November and remained
high

Yup we're getting another rate increase. Don't hold your breath mumu