National jobs report

March’s jobs report shows 178,000 jobs added

Ahead of the March jobs reports, experts were predicting 60,000 jobs being added to the labor market. Instead, last month posted a strong 178,000 jobs, with the unemployment rate dropping to 4.3%. However, additional indicators still show a complicated picture.

Here are the key takeaways:

• Labor force participation rate fell to 61.9%, its lowest since November 2021
• Average hourly earnings rose just 0.2% from last month and 3.5% from the year before, the lowest annual increase since May 2021
• Healthcare (+76,000), construction (+26,000), and transportation and logistics (+21,000) all saw large gains
• The end of two large strikes also provided a boost to the jobs report
• February’s numbers were revised downward to -133,000, while January was revised upward to 160,000
• Experts say that any effects of the Iran war will be seen in April’s report