The non-farm payrolls rise to nearly a year high and unemployment falls.

Non-farm payrolls increased by 303,000 last month. The most important event of the week confirmed the solid performance of the United States economy.

Employment growth in the United States in March rose to the highest level in nearly a year, and the unemployment rate fell, pointing to a strong labor market that is supporting the economy.

Nonfarm payrolls increased by 303,000 last month following a combined upward revision of 22,000 in employment gains in the two previous months, according to a report from the Bureau of Labor Statistics released on Friday. The unemployment rate fell to 3.8%.

Economists surveyed by media giants had forecasted 200,000 jobs, with estimates ranging from 150,000 to 250,000.

U.S. employers hired many more workers than expected in March, while wages increased, suggesting that the economy ended the first quarter on solid ground and could delay interest rate cuts expected by the Federal Reserve for this year.

The annual wage growth slowed to 4.1% in March, down from 4.3% in February. Wage growth between 3% and 3.5% is considered consistent with the Federal Reserve’s 2% inflation target.

Financial markets expect the Federal Reserve to begin easing rates in June. However, Fed Chairman Jerome Powell reiterated on Wednesday that the central bank is in no rush to cut rates, after keeping them unchanged last month in the current range of 5.25%-5.50%.