Policymakers at the US Federal Reserve have been raising interest rates in an effort to cool down the economy. One of their goals has been to slow the pace of hiring. However, the job market continues to charge ahead.

On Friday, the Labor Department released its report on hiring in March. It found that the economy added 236,000 new jobs.

The report said hiring was particularly robust in the leisure and hospitality industry. Restaurants and other service-oriented businesses added workers, but at a slower pace.

The unemployment rate for March reflects the larger hiring surge. It now stands at an extremely low 3.5 percent.

The report says hiring has slowed in the construction and manufacturing industries. These companies are more sensitive to the Fed's interest-rate hikes.

President Joe Biden welcomed the report. He credited his administration's economic agenda for powering a "historic" recovery, particularly among minorities. He noted the unemployment rate for Black workers has hit a new low of 5 percent.

However, the numbers may be less welcome to investors. They are concerned that the hiring spree may lead policymakers to raise rates again in May.