Job growth surged in March, as employers added 303,000 positions and the unemployment rate edged down, the Bureau of Labor Statistics reported Friday.
Why it matters: The U.S. labor market has proved remarkably resilient over the last year, as employers keep seeking workers despite a bumpy economic environment. The latest numbers affirm that strength, handily beating analysts' forecasts.
By the numbers: The jobless rate fell as more people entered the work force — a good sign for growth potential.
- The labor force participation rate rose by 0.2 percentage points to 62.7%.
- Average hourly earnings were up 0.3%, and are up 4.1% over the last year.
- The biggest categories of job gains were health care (up 81,300 jobs) and government (up 71,000).
Zoom out: Revisions pushed January and February's already-strong job growth numbers higher yet, by 22,000 additional positions.
State of play: Unemployment has now been below 4% since February 2022, more than two full years.
- Analysts had expected employers to add 212,000 jobs and for the unemployment rate to remain unchanged at 3.9%.
- The Federal Reserve has been signaling interest rate cuts ahead at some point this year, with some uncertainty around when they may occur. A weaker job market could pull those plans earlier, but it didn't arrive in March.
Editor's note: This is a breaking news story. Check back for updates.
