Employment in the US exceeds expectations, unemployment rate falls

Non-farm payrolls in the US increased by 303 thousand in March, exceeding expectations, while the unemployment rate fell from 3.9 percent to 3.8 percent.

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Employment in the US exceeds expectations, unemployment rate falls

The US Department of Labor released its employment report for March. Accordingly, employment in non-farm sectors in the country increased by 303 thousand in March.

The non-farm payroll data, which exceeded market expectations and recorded the highest increase in 10 months, was projected to increase by 212 thousand.

During this period, employment increased in the healthcare, government, and construction sectors.

Revisions were made to the non-farm payroll data for January, which was revised upward, and for February, which was revised downward.

Accordingly, the increase recorded in non-farm payrolls in January was revised from 229 thousand to 256 thousand, while the figure for February was adjusted from 275 thousand to 270 thousand.

LABOR FORCE PARTICIPATION INCREASED

The unemployment rate in the US fell by 0.1 percentage points to 3.8 percent in March.

The unemployment rate, which came in below market expectations, was projected to be 3.9 percent for this period. The unemployment rate had recorded its highest level since January 2022 at 3.9 percent in February.

The number of unemployed people in the country decreased by 29 thousand in March to 6 million 429 thousand. The labor force participation rate increased by 0.2 percentage points to 62.7 percent.

FED MONITORED THE PROCESS

During the period in question, the average weekly working hours rose to 34.4, while average hourly earnings, which the US Federal Reserve (Fed) monitors closely, increased by 0.3 percent to 34.69 dollars.

Market expectations were also for average hourly earnings to increase by 0.3 percent during the period. Average hourly earnings had increased by 0.2 percent in February.

News Source: AA