Jobs growth exceeded estimates by more than half in March, and that creates a problem. Bulls say moderating wage growth and an increase in the participation rate keep the Federal Reserve on track to reduce interest rates as soon as June, but bears contend the central bank is running out of time to enact three cuts before the end of the year.
U.S. nonfarm payrolls increased a whopping 303,000 in March, the Bureau of Labor Statistics said Friday, easily topping economists' estimate for the creation of 200,000 jobs. The unemployment rate, which is derived from a separate survey, ticked down to 3.8% from 3.9%, a two-year high. Unemployment remains at half-century lows.
