The total nonfarm payroll employment in the United States increased by 303,000 in March, surpassing many estimates, while the unemployment rate dropped slightly from 3.9 percent in February to 3.8 percent in March.
Overall, the US economy continues to surprise to the upside in the face of elevated nominal and real interest rates,” said Ryand Brandham, head of global capital markets, North America at Validus Risk Management. “However, it is not likely to alter the Fed's path materially, and reinforces the notion they can be patient in considering the timing of any rate cuts.”
The major employment-adding sectors were health care (72,000), government employment (71,000), construction (39,000), and leisure and hospitality (49,000).
Employment fell in certain subsectors such as building material and garden equipment and supplies dealers (-10,000) and in automotive parts, accessories and tire retailers (-3,000).
Average hourly earnings in March for all em