Nonfarm U.S. payroll employment increased by 236,000 in March, according to the Bureau of Labor Statistics, and the unemployment rate was 3.5 percent. The total is down slightly from the job growth seen in January and February, which have had their gains revised to 472,000 jobs and 326,000 jobs, respectively.
Employment growth was seen in leisure and hospitality (72,000 jobs), government (44,000 jobs), professional and business services (39,000 jobs), healthcare (34,000 jobs), and social assistance (17,000 jobs).
Even with employment growth slowing, the Federal Open Market Committee is not expected to end its monetary policy tightening. In March, the Fed raised the target federal funds rate by 25