Strong Showing for Job Market in Latest Report
The US job market showed a strong performance in March, with 178,000 jobs added and an unemployment rate of 4.3%. The labor market is tightening, with healthcare and manufacturing leading job gains, but wage growth is slowing and the average workweek is shortening.
US employers added 178,000 jobs in March, exceeding expectations. The unemployment rate dropped to 4.3%. Healthcare led job gains with 76,000 positions, followed by manufacturing with 15,000 and construction with 26,000. The federal government shed 18,000 jobs. Average hourly earnings rose 3.5% over the year, the slowest rate since 2021. The average workweek shortened to 34.2 hours. Initial claims for unemployment insurance are at a two-year low, indicating employers are holding on to staff.
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