The Claman Countdown panelists Peter Tuchman and Bob Michele unpack market volatility amid tariff fears.
The U.S. economy continued to add jobs in March and the pace of job gains picked up at a faster pace than a month ago despite economic uncertainty.
The Labor Department on Friday announced that employers added 228,000 jobs in March, above the estimate of LSEG economists who anticipated 135,000 jobs gained.
The unemployment rate was 4.2%, slightly higher than a month ago and above economists’ expectations.
The number of jobs added in the prior two months were both revised, with job creation in January revised down by 14,000 from a gain of 125,000 to 111,000; while February was revised down by 34,000 from a gain of 151,000 to 117,000. Taken together, the revisions reduce previously reported employment by 48,000 jobs.
Private sector payrolls added 209,000 jobs in March, well above the 127,000 projected by LSEG economists.
Government payrolls added 19,000 jobs in March. Within the sector, federal employment declined by 4,000 jobs in March after a decline of 11,000 jobs in January. The Bureau of Labor Statistics (BLS) notes that employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.
Manufacturing added 1,000 jobs last month, coming in below the 4,000 jobs LSEG economists anticipated the sector would add.
Healthcare added 54,000 jobs in March, trending close to the average monthly gain of 52,000 over the past 12 months. Employment rose in ambulatory healthcare services (+20,000), hospitals (+17,000), and nursing and residential care facilities (+17,000).
Social assistance roles added 24,000 jobs in March, above the average monthly gain of 19,000 over the past 12 months. Most of the growth was in individual and family services, which accounted for 22,000 of the job gains.
Retail added 24,000 jobs in March, with workers returning from a strike contributing to gains at food and beverage retailers (+21,000), while general merchandise retailers lost 5,000 jobs. The sector has seen little change in employment over the last year.
Transportation and warehousing added 23,000 jobs in March, which nearly doubled the average gain over the past 12 months of 12,000. Within the sector, job gains in couriers and messengers (+16,000) and truck transportation (+10,000) were partially offset by job losses in warehousing and storage (-9,000).
This is a developing story. Please check back for updates.
