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Jobs Report
Nonfarm payrolls in March rose +916k with private payrolls up +780k, and government up +136. This is the largest gain in headline jobs since August 2020. We also see strong revisions with February up to +468k from +379k, and January up to +233k from +166k, a net change of +156k. Looking back into the March report, leisure and hospitality rose +280k, construction was up +110k, education up +64k, and manufacturing +53k. Within the household survey, the unemployment rate fell to 6% as expected, as there was a good mix of labor force growth of +347k, and employment growth of +609k. The labor force participation rate rose +.1 to 61.5%, back to where it was last December. Average hourly earnings were down -.1% on the month, however it was reported there was a good mix of lower wage workers returning. Looking YoY, wage growth fell from +5.2% to now +4.2%. Finally, the workweek saw a bounce back up of +.3 to 34.9 hours. While this was a very strong report and much better than expectations on headline, there are still nearly 5 million fewer Americans employed vs. a year ago, while the labor force is down by 2.2 million. |
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