Overview
- The Bureau of Labor Statistics, which reported Friday, said payrolls rose by 178,000 and the jobless rate fell to 4.3%, beating forecasts that called for roughly 60,000 jobs.
- Health care led the gains with about 76,000 jobs as Kaiser Permanente workers returned from a February strike, while construction added 26,000, transportation and warehousing added 21,000, and manufacturing added 15,000.
- The labor force shrank by about 396,000 and participation edged to 61.9%, which helped push the unemployment rate down even as average hourly pay rose 0.2% in March and 3.5% over the year.
- Revisions showed February was weaker at a 133,000 job loss and January stronger at 160,000, and federal employment fell by 18,000 in March and is down about 355,000 since October 2024.
- The survey period ended March 12, so economists expect the Iran war and higher gasoline prices to show up more in coming reports, which could curb hiring and complicate the Federal Reserve’s next moves.