US jobs rebounded in March, but not enough to change the Fed story
📈 The March jobs report showed nonfarm payrolls rising by 178,000, well above expectations, while the unemployment rate edged down to 4.3%. Job gains were led by healthcare, construction, and transportation and warehousing, suggesting the labor market is still showing resilience after the previous soft patch.
🧩 Still, the report was not as hot as the headline suggested. Wage growth came in at just 0.2% month over month and 3.5% year over year, labor force participation held at 61.9%, and the number of discouraged workers increased, showing that softer pockets remain beneath the surface of the labor market.
🏦 For markets, the data was solid enough to support the view that the Fed can stay patient on rate cuts. US Treasury yields moved slightly higher, the dollar firmed, and equities will likely show a clearer reaction at the start of next week because US markets were closed for Good Friday.