In March, U.S. employers added an unexpected 228,000 jobs, indicating a robust labor market despite President Trump engaging in controversial trade wars.
The big picture: Although the unemployment rate slightly rose to 4.2%, the strong job growth surpassed economists’ expectations of 130,000 new jobs, with February’s figures at 117,000.
- Revisions by the Labor Department trimmed 48,000 jobs from the payrolls of January and February.
- Average hourly earnings for workers climbed by 0.3% from February, aligning with economists’ forecasts. On an annual basis, hourly pay increased by 3.8%, slightly below the projected 4%, approaching the Federal Reserve’s 2% inflation target.
Go deeper: The healthcare sector saw a significant boost with nearly 54,000 new jobs added, while restaurants and bars also contributed around 30,000 jobs. However, the federal government experienced a loss of 4,000 jobs, indicating a possible impact from potential restructuring efforts.
Driving the news: The rise in the unemployment rate was attributed to 232,000 individuals entering the labor force, suggesting a positive trend despite not all entrants immediately finding employment.
