By Paul Gomme and Peter Rupert
The BLS announced that payroll employment increased 303,000 in March, another solid reading that will likely change the Fed’s stance concerning the timing of cuts in the Fed Funds rate. The private sector added 232,000.
The construction sector jumped up 39,000, the largest increase since May of 2022.
Average weekly hours of work rose from 34.3 to 34.4 leading to a 5.7% (annualized) increase in total hours of work.
The household survey also showed considerable strength with employment increasing 498,000. The labor force increase 469,000 leading to an increase in the labor force participation rate to 62.7 (was 62.5). The number of unemployed persons fell 29,000 and the unemployment rate fell from 3.86% to 3.83%.
On April 2 the BLS JOLTS data showed that job openings changed little in February, at 8.8 million and the rate of job openings remained at 5.3% for the third straight month.
