The US job market showed signs of resilience in March, with nonfarm payrolls increasing 228,000, beating expectations and Dow Jones estimates. The health care sector was the leading growth area, adding 54,000 jobs. Average hourly earnings rose 0.3% on the month, while the annual rate of 3.8% remained unchanged.
However, despite this positive report, the labor market remains uncertain due to President Trump’s recent tariff announcement that has intensified fears of a global trade war. The Dow Jones futures are still down by over 900 points, and Treasury yields remain sharply negative.
Analysts say the jobs report provides temporary reassurance for the labor market, but companies may hold back on hiring as they assess the impact of tariffs. The March numbers suggest a still-strong labor market, but previous indicators showed downward revisions in January and February.
The average work week was unchanged at 34.2 hours, while federal government positions declined by 4,000. However, workers on severance or paid leave are counted as employed, which could affect the overall job numbers.
A broader unemployment indicator edged lower to 7.9%, but experts caution that the data is backward looking and may not reflect future hiring trends. The survey of households showed a gain of 201,000 workers, while full-time workers increased by 459,000.
Source: https://www.cnbc.com/2025/04/04/jobs-report-march-2025-.html