March NFP = +196K Jobs

The March jobs report is out. The U.S. economy created 196,000 net new jobs last month. The unemployment rate held steady at 3.8%. In the last year, average hourly earnings are up 3.2%.

From the WSJ:

Economists surveyed by The Wall Street Journal had expected 175,000 new jobs in March and a 3.8% unemployment rate.

Revised figures show employers added 312,000 jobs in January and 33,000 jobs in February, a net upward revision of 14,000.

January’s hiring was well above expectations and February’s payroll growth was surprisingly weak. The March data relieves fears about hiring significantly downshifting to start the year.

(…)

U.S. employers have added jobs for 102 straight months, by far the longest stretch on record. Heading into the year, economists expected the hiring streak to continue, but for the pace to slow. A tighter labor market makes it more difficult for employers to find available workers. Meanwhile, the stimulative effects of tax cuts approved in late 2017 appear to be fading.

Through the first three months of the year, employers added an average of 180,000 jobs to payrolls each month. That’s a slowdown from the robust 223,000 jobs added each month, on average, last year, and roughly in line with the 179,000 averaged in 2017.

That’s a pretty good number and the market is reacting well.

Posted by on April 5th, 2019 at 8:45 am


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