Svmuu According to the closely watched employment report released by the U.S. Bureau of Labor Statistics on Friday, nonfarm payrolls increased by 178,000 last month, far exceeding market expectations of 60,000, marking the largest gain since the end of 2024. The February data was revised down to a decrease of 133,000. The unemployment rate in March was 4.3%, also lower than market expectations.
Economists widely expected a rebound in the job market in March following the end of the strike. The unemployment of over 30,000 healthcare workers in February and severe winter weather led to a significant drop in the unemployment rate. This strong growth may further intensify the Federal Reserve's focus on inflation risks, as rapid energy price increases triggered by the Middle East war have exacerbated these concerns. Wage growth was primarily driven by employment in the healthcare sector, which recovered after the strike ended. Construction, leisure and hospitality industries also rebounded after declines in February, likely reflecting a weather-related economic recovery. (Jin10)