US Jobs Data Shows Resilience in March

The US labor market regained momentum in March, with nonfarm payrolls rising by 178,000 after February’s decline.

The rebound signals that hiring activity is still in place, even if the pace varies across sectors. The unemployment rate held at 4.3%, reinforcing the view of a labor market that remains steady despite broader economic uncertainty.

Growth Concentrated in Key Sectors

Job creation was driven by a handful of industries. Health care once again led gains, followed by construction, transportation, and warehousing. These areas helped balance out softer hiring elsewhere, suggesting domestic demand continues to provide support. Meanwhile, federal government employment declined further, indicating that public-sector hiring is no longer playing the same role in sustaining overall job growth.

Wages Stay Contained, Hours Edge Lower

Wage growth remained measured rather than aggressive. Average hourly earnings rose 0.2% month-on-month and 3.5% year-on-year, offering some relief on inflation concerns tied to wages. The average workweek slipped to 34.2 hours, a subtle shift that can reflect a more cautious approach from employers.

Cracks Beneath the Surface

Although the overall numbers were strong, the details reveal a more varied situation. Long-term unemployment stayed elevated, and the number of people marginally attached to the labor force increased. This points to a labor market that is still generating jobs, but with uneven participation across different groups. March data reflect resilience as hiring came in stronger, unemployment held steady, and wage pressures remained controlled. The structure of the labor market appears to be shifting, with growth becoming more selective rather than broadly distributed.

Latest Analysis

Geopolitics Just Got Expensive (24.07.2026)

Brent crude traded above $100 per barrel, its highest since May, after Houthi attacks on two Saudi oil tankers, continued US strikes on Iran, and fresh supply disruptions from Kazakhstan.

Detail

ECB Holds Rates with Attention on Energy

The European Central Bank left its key interest rates unchanged at its July meeting after delivering a 25-basis-point hike in June, its first increase in three years.

Detail

Alphabet Q2: AI Strategy Starts Paying Off

Alphabet's second-quarter 2026 results show that its AI strategy is moving beyond long-term ambition and delivering measurable financial results.

Detail