March Jobs Report Shows Hiring Remains Strong

The video discusses the strong recovery of the labor market, with 431,000 jobs added in March, reducing unemployment to 3.6%. Significant gains were seen in leisure, hospitality, retail, and manufacturing sectors. Despite this, inflation remains high at nearly 8%, outpacing wage growth of 5.6%. The Federal Reserve plans to raise interest rates to control inflation, with the next hike expected in May, as the job market is considered overheated.

What is the inflation rate mentioned in the text?

What action is the Fed expected to take in response to the economic conditions?