U.S. economy adds 303,000 jobs in March
Other - APRIL 8, 2024

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U.S. economy adds 303,000 jobs in March

by Lewis Dayton

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 U.S. economy continues to surprise to the upside in the face of elevated nominal and real interest rates,” said Ryan 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 healthcare (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 automotive parts, accessories and tire retailers (-3,000).

Average hourly earnings in March for all em

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