The US economy added 228,000 jobs last month, but the unemployment rate ticked up.
The US economy added 228,000 jobs last month, but the unemployment rate ticked up.
As of March, the US labor market remained on solid footing: Job gains were broad-based and better than expected and participation picked up.
However, a lot has changed for the US economy — and the world — in the first few days of April. President Donald Trump levied sweeping and steep tariffs against American trading partners, a move that sent markets plunging and triggered a trade war.
“Liberation Day” and its aftermath were not reflected in the March jobs data released Friday. However, the employment snapshot provided a critical look as to how the labor market is holding up as Trump slashes federal spending (and jobs) and how it could weather increasingly turbulent times.
The US economy added a stronger-than-expected 228,000 jobs in March, a significant increase from February’s downwardly revised gains of 117,000, according to Bureau of Labor Statistics data released Friday. The robust gains notched in March were likely a rebound after wildfires and bad weather depressed job growth in January and February (which were revised down by a combined 48,000 jobs).
The unemployment rate in March ticked higher to 4.2% from 4.1%, driven higher in part by new entrants to the labor market.