The payrolls data for March was much higher than expected, with a surge in private sector hiring and a decrease in unemployment rate. Wage growth moderated as expected and the labour force participation rate increased. Service sector and government jobs remain strong.
The payrolls data for March was hot. At 303k, this was much higher than the expected 214k. This was the highest reading since May 2023, and was driven by a surge in private sector hiring, with private payrolls up by 232k, well above the 170k expected. The unemployment rate ticked lower to 3.8% from 3.9%, and wage growth moderated as expected, with the annual rate of average hourly earnings falling to 4.1% from 4.3%. The labour force participation rate also ticked higher to 62.7% from 62.
5% in February, further reinforcing the strength of the US economy in Q1. Service sector and government jobs remain strong Strong jobs growth was recorded once again in education and health services, leisure and hospitality and in government, which has been creating a large number of jobs in recent months. The strong trend in government jobs could be linked to a hiring blitz before the election, thus it may not last
US Payrolls March Private Sector Hiring Unemployment Rate Wage Growth Labour Force Participation Rate Service Sector Government Jobs
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