The Labor Department released its monthly hiring and unemployment figures for March on Friday morning, providing an important snapshot of the American economy.
196,000 jobs were added last month, a rebound from the February report, which showed a gain of just 20,000. Economic analysts surveyed by FactSet had expected a gain of about 170,000 jobs in March. It was the 102nd straight month of job gains.
The Labor Department also revised the jobs numbers for January and February. The economy added 33,000 new jobs in February, up 13,000. There was also a slight upward revision of 1,000 jobs in January, to 312,000.
The unemployment rate for March was 3.8 percent, the same as in February.
Average hourly earnings in March were 3.2 percent higher than a year earlier. That compares with a 3.4 percent year-over-year gain in February.
Everyone can relax.
The solid job gains that have come to define the current economic expansion resumed in March. The gain in hiring, though widely forecast, will clear some of the doubts hanging over the economy. Though the economy is expected to slow this year from the strong pace of 2018, Friday’s report was a welcome sign that job creation remains robust.
Several economic indicators released since the February report suggested that the economy was still capable of adding 150,000 or more jobs a month.
The number of people filing for unemployment benefits for the first time has declined to lows not seen in decades, and recent surveys of the construction and manufacturing industries did not suggest that employers were pulling back.
196,000 jobs were added last month, a rebound from the February report, which showed a gain of just 20,000. Economic analysts surveyed by FactSet had expected a gain of about 170,000 jobs in March. It was the 102nd straight month of job gains.
The Labor Department also revised the jobs numbers for January and February. The economy added 33,000 new jobs in February, up 13,000. There was also a slight upward revision of 1,000 jobs in January, to 312,000.
The unemployment rate for March was 3.8 percent, the same as in February.
Average hourly earnings in March were 3.2 percent higher than a year earlier. That compares with a 3.4 percent year-over-year gain in February.
Everyone can relax.
The solid job gains that have come to define the current economic expansion resumed in March. The gain in hiring, though widely forecast, will clear some of the doubts hanging over the economy. Though the economy is expected to slow this year from the strong pace of 2018, Friday’s report was a welcome sign that job creation remains robust.
Several economic indicators released since the February report suggested that the economy was still capable of adding 150,000 or more jobs a month.
The number of people filing for unemployment benefits for the first time has declined to lows not seen in decades, and recent surveys of the construction and manufacturing industries did not suggest that employers were pulling back.
