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3h ago

March Jobs Beat Clouds Rate-Cut Hopes as Oil Surge Raises Inflation Risks

Fresh inflation readings followed by BLS revisions will guide the Fed’s next move.

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The number of jobs added in March were nearly triple expectations, even in the face of the Iran war. The Bureau of Labor Statistics reported 178,000 new jobs. The unemployment rate dipped by .1 percent, settling at 4.3 percent. A strategist at CreditSight explains what we should make of these numbers.
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Overview

  • The Labor Department’s report Friday showed 178,000 jobs added in March and a 4.3% jobless rate.
  • A separate household survey pointed to softness, with the labor force down about 396,000 and participation slipping to 61.9%.
  • Healthcare accounted for 76,000 jobs, including roughly 35,000 workers returning from a physicians’ strike.
  • Average hourly pay rose 0.2% for the month and 3.5% over the year, signaling no new wage acceleration.
  • Oil prices have jumped more than 50% since the Iran conflict began, lifting U.S. gasoline above $4 per gallon and reinforcing a wait-and-see stance ahead of March CPI on April 10 and jobs revisions on May 8.