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Unemployment Rate As Expected As Rebounding Employment Met By Labor Force Surge

US DATA
  • The u/e rate was very much as expected at 3.83% (cons median 3.8, av 3.83) in March having increased 0.2pps to 3.86% in Feb.
  • Household employment volatile continues, surging 498k after three heavy monthly declines and most recently -184k in Feb.
  • Labor force jumps another +469k after +150k in Feb in another sign of strong labor supply.
  • Strong increase in the labor participation rate to 62.67 (cons 62.6) after 62.54%, but it remains below the recent highs of 62.8%.

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