United States: Labor market tightens further in March
Total non-farm payrolls increased by 431,000 in March, following February’s 750,000 increase in payrolls. Employment gains occurred in leisure and hospitality, professional and business services, retail trade, and manufacturing.
The unemployment rate ticked down to 3.6% in March from 3.8% in February, while the labor force participation rate increased to 62.4% in March from February’s 62.3%. Hourly earnings were up 0.4% month-on-month in March (February: +0.1% mom), while annual wage growth rose to 5.6% from 5.2% in February. All in all, the data shows the labor market remained in rude health at the end of the first quarter.