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MNI BRIEF: US Sees Near 1 Million Jobs Added In March

MNI (Washington)
WASHINGTON (MNI)

U.S. nonfarm payrolls in March rose 916,000, the most since August and far above forecasts for a gain of 650,000, according to figures released Friday by the Bureau of Labor Statistics. The unemployment rate edged down to 6% from 6.2% in February, in line with market expectations.

A stronger report than expected by financial markets was thrown up as a strong possibility by MNI's latest Reality Check, published Thursday.

The employment surge was led mostly by job gains in service-producing industries like leisure and hospitality (+280,000) and education and health services (+101,000). Job growth was also strong in goods-producing industries, with construction payrolls up 110,000. Government payrolls were up 136,000 in March after falling 90,000 in February. Average hourly earnings fell 0.1%, a sign that lower-wage service-sector employees are returning to the labor market. Earnings were up 4.2% from a year earlier.

MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
BriefUSPolicy NewsHomepageEmailGovernment sectorFiscalExclusiveFederal ReserveCentral Bank NewsStoryRegionNorth America
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MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
BriefUSPolicy NewsHomepageEmailGovernment sectorFiscalExclusiveFederal ReserveCentral Bank NewsStoryRegionNorth America
True

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