Nonfarm payrolls were expected to increase by 200,000 in March and the unemployment rate was forecast to decrease to 3.8%.
Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market.
In the key average hourly earnings measure, wages rose 0.3% for the month and 4.1% from a year ago, both in line with Wall Street estimates. Despite the move lower in the broader unemployment level, the rate for Black people surged to 6.4%, a gain of 0.8 percentage point, tying the highest level since August 2022. Rates for Asians and Hispanics both fell sharply to 2.5% and 4.5% respectively.
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