US Jobs Gain of 178,000 Tops Forecasts, Unemployment Falls

Article content(Bloomberg) — US job growth rebounded in March and the unemployment rate unexpectedly fell, suggesting the labor market was stabilizing as the Iran war began.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentNonfarm payrolls rose 178,000 last month, the most since the end of 2024, after revisions showed a sharper decline in February, according to Bureau of Labor Statistics data out Friday. That was higher than all estimates in a Bloomberg survey.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe unemployment rate fell to 4.3%, though that partly reflected Americans leaving the workforce.Article contentArticle contentEconomists had widely expected a bounce back in employment in March after a strike by more than 30,000 health care workers and severe winter weather contributed to an outsize decline in February. The solid increase will likely reinforce the Federal Reserve’s focus on inflation risks amid a rapid run-up in energy prices sparked by the war in the Middle East.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentUS Treasury yields rose following the release. The stock market is closed for the Good Friday holiday.Article contentThe advance in payrolls was led by health-care employment, which recovered after the resolution of the strike by Kaiser Permanente workers in California and Hawaii. Construction and leisure and hospitality also rose following declines in February, possibly reflecting a weather-related snap back. Manufacturing payrolls rose by the most since the end of 2023.Article contentThe participation rate — the share of the population that is working or looking for work — slipped to 61.9% in March, the lowest since 2021. The rate for workers of ages 25-54, also known as prime-age workers, also fell. The number of people working part-time for economic reasons rose.Article contentArticle contentEconomists are also paying close attention to how labor supply and demand dynamics are impacting wage gains — especially with inflation risks heating up again. The report showed average hourly earnings rose 0.2% from February, and 3.5% from a year earlier — the least in almost five years.Article contentOther data suggest the labor market wasn’t gaining momentum before the war in Iran. Job openings fell in February and hiring slowed to the weakest since 2020. An index of hiring plans among small businesses held steady in March at one of the lowest levels in recent years.Article contentThe employment survey reflects the second week of March, just after the US and Israel launched the Middle East conflict on Feb. 28. Economists expect the war to have more of an impact on future jobs reports if the hostilities continue, as companies respond to higher energy prices and potentially diminished demand by delaying hiring or laying off staff.Article content—With assistance from Augusta Saraiva, Julia Fanzeres, Reade Pickert and Cécile Daurat.Article content(Updates with more details beginning in sixth paragraph.)Article contentTrending Three Ships Appear to Exit Hormuz by New Oman Coast Route PMN Business Posthaste: Look for the Canadian dollar to be an 'underperformer' once the war winds down, says CIBC News U.S. targets Canada’s cloud-computing move as trade irritant Economy CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance Pain at the gas pumps? That's nothing compared to the damage this fuel shock can do Economy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.

Three Ships Appear to Exit Hormuz by New Oman Coast Route PMN Business Posthaste: Look for the Canadian dollar to be an 'underperformer' once the war winds down, says CIBC News U.S. targets Canada’s cloud-computing move as trade irritant Economy CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance Pain at the gas pumps? That's nothing compared to the damage this fuel shock can do Economy