The American economy is thought to have added 200,000 jobs in March — a more-than-respectable increase though one that would mark a slowdown from February's vigorous gain of 275,000 and last year's monthly average increase of 251,000.

A modest downshift in hiring could reassure the Federal Reserve that the economy isn't running too hot, especially if wage growth, a key driver of inflation, also slowed last month. The Fed's policymakers are tracking the state of the economy, the job market and inflation to determine when to begin cutting interest rates from their multi-decade highs — a move eagerly awaited by Wall Street traders, homebuyers and people in need of cars, household appliances and other major purchases that are typically financed.