Overview
- The Bureau of Labor Statistics reported Friday that payrolls rose by 115,000, far above forecasts near 55,000 to 65,000, while the jobless rate stayed at 4.3%.
- Hiring was led by health care (+37,000), transportation and warehousing (+30,000), and retail (+22,000), while the federal government cut 9,000 jobs and the information sector lost 13,000.
- Wage gains were modest at 0.2% for the month and 3.6% over the year, as signs of strain showed up in a jump of 445,000 in involuntary part‑time work, a rise of 358,000 in newly unemployed, and a low 61.8% participation rate.
- Revisions deepened February’s loss to 156,000 and lifted March to 185,000, highlighting a choppy trend that economists say now requires far fewer monthly hires—often near zero to 50,000—to keep unemployment from rising.
- Higher fuel costs tied to the Iran war threaten consumer budgets and future hiring, and the report reinforced expectations that the Fed will keep interest rates unchanged for longer.