US Adds 303,000 New Jobs in February as Unemployment Rate Remains Below 4 Percent

The U.S. economy added a higher-than-expected 303,000 new jobs in March, while the unemployment rate was still below 4 percent, according to the Bureau of Labor Statistics (BLS). The labor market continues to remain resilient in a climate of high-interest rates and above-trend inflation.

February job gains were revised down by 5,000 to 270,000. The January numbers were adjusted higher by 27,000, but the downward revisions still totaled 97,000.

Economists had projected 200,000 positions in March.

The unemployment rate dipped to 3.8 percent in March, down from 3.9 percent. The consensus estimate was 3.9 percent.

Employment gains were concentrated in health care (72,000), government (71,000), leisure and hospitality (49,000), and construction (39,000). Manufacturing did not add any new jobs last month.

Average hourly earnings rose 0.3 percent monthly, up from an upwardly adjusted 0.2 percent, in line with market expectations. Year-over-year, they eased to 4.1 percent.

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