March Payrolls Above-expected +196k, Soft...>

US DATA: March Payrolls Above-expected +196k, Earnings Soft +0.1%

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- The employment data were a mixed, with payrolls ahead of expectations 

after small upward revisions, but earnings growth a disappointment.

- March payrolls +196k, above expected +175k BBG consensus and +170k MNI.

- Hourly earnings only +0.1%, below the 0.3% gain expected by both BBG 

and MNI. Y/Y hourly earnings now stand +3.2% in March after +3.4% y/y Feb.

- The payrolls gain followed small upward rev to Feb (+33k vs +20k prev) 

and Jan (+312k vs +311k prev) for net rev +14k.

- Private payrolls +182k, with strong gains in health care and 

professional services, but manufacturing jobs and retail jobs both fell.

- The unemployment rate stayed at 3.8% (3.811%), as expected.

- Labor force participation rate -0.2 to 63.0%, as labor force 

-224k. Household employment -201k and unemployed -24k.  

- U-6 rate unch 7.4%

- The average workweek rebounded to 34.5 hours from 34.4 hours in Feb.