According to the latest Jobs Report released by the Bureau of Labor Statistics on Friday, the U.S. labor market rebounded in March, with job creation far exceeding expectations, although the overall picture of a slow-growth labor market remained unchanged.
The report stated that nonfarm payrolls increased by a seasonally adjusted 178,000 during the month, reversing the 133,000 decline in February and surpassing the Dow Jones consensus estimate of 59,000.
February’s figure was revised downward by 41,000, while January was revised upward by 34,000 to 160,000, resulting in a three-month average of about 68,000.
In March, construction experienced a 26,000 increase, while transportation and warehousing saw a 21,000 increase.
Federal government jobs declined by 18,000, while financial activities declined by 15,000.
The percentage of working-age Americans in the labor force declined to 61.9%, the lowest since November 2021.
Both the unemployment rate, at 4.3 percent, and the number of unemployed people, at 7.2 million, changed little in March. These figures also changed little over the year, the Bureau of Labor Statistics stated.
By CEO NA Editorial Staff
