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United States Unemployment March 2023

United States: Job gains ebb in March

Total non-farm payrolls grew by 236,000 in March, down from growth of 326,000 in February. The reading was broadly in line with what markets expected, following several months of expectations-beating figures. Gains in leisure and hospitality, government, professional and business services, and health care underpinned the reading. Meanwhile, the unemployment rate ticked down to 3.5% in March from 3.6% in February.

Our analysts see the labor market loosening slightly in the coming quarters on the back of tighter monetary policy, although the unemployment rate is forecast to remain low by historical standards.

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