The U.S. economy added more jobs than expected in March, signaling resilience despite recent concerns over economic momentum, according to the Bureau of Labor Statistics.
- Total nonfarm payroll employment rose by 228,000 in March. This figure surpassed economists’ expectations of 150,000 and marked a significant increase from February’s revised gain of 117,000.
- The unemployment rate climbed to 4.2%, up from 4.1% in February, marking the third consecutive monthly increase and the highest level since November 2024.
Breaking It Down: Healthcare led the way with 54,000 new jobs, followed by social assistance and retail, which both added 24,000 jobs. On the flip side, federal government employment declined by 4,000 in March, following a loss of 11,000 jobs in February.
Wage Growth: Average hourly earnings for private nonfarm payrolls rose by 0.3% to $36.00 in March, slightly higher than February’s 0.2% increase.
- On a year-over-year basis, earnings rose 3.8%, down from 4.0% in February and the lowest growth rate since July 2024.
Bottom Line: This was maybe the least watched report in modern history. After President Trump announced his tariff plan, unless the economy had lost or created a million jobs, this report was going to have little to no impact.
