The U.S. economy added 431,000 jobs in March, according to the Bureau of Labor Statistics, and the unemployment rate declined to 3.6 percent. Although nonfarm payroll employment increased less than expected, the gains in February and January were revised upward to 750,000 jobs and 504,000 jobs, respectively.
“Today’s unemployment numbers coupled with the inflation data [on April 12] will be crucial to the Federal Reserve’s rate decision in May,” said Toby Sturgeon, global head of fiduciary investment services at ZEDRA. Bond yields in the U.S. rose marginally as news broke, but equity markets remained stable.”
By employment category, the largest gains were in leisure and hospitality (112,000 jobs), professional and business services (102,000 jobs), retail trade (49,000 jobs), and manufacturing (38,000 jobs)
