U.S. March nonfarm payrolls increased 103k, with earnings up 0.3%
U.S. March nonfarm payrolls increased 103k, with earnings up 0.3% and the unemployment rate at 4.1%. The 313k February jobs surge was revised higher to 326k, but January's 239k knocked down to 176k for a net 50k decline. There were 159k people who could not work due to weather, with another 1,088k who could only find part time work. February's 0.1% rise in earnings was not revised, nor was the 0.3% January gain. The 12-month pace edged up to 2.7% y/y from 2.6% y/y. The unemployment has now held at 4.1% since October. The labor force fell 158k after the 806k February jump, with household employment down 37k from the 785k surge. The labor force participation rate dipped to 62.9% from 63.0%. Private payrolls increased 102k (versus 241k in the ADP), with an 15k gain in the goods producing sector, while construction fell 15k. Manufacturing jobs increased 22k. Service sector employment was up 87k, led by a 33k gain in business services. Government payrolls increased 1k. The headline job numbers were disappointing, though the markets will also note the gain in wages.