Job growth zoomed in March as payrolls jumped by 303,000 and unemployment dropped to 3.8%

Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market.

Nonfarm payrolls increased 303,000 for the month, well above the Dow Jones estimate for a rise of 200,000 and higher than the downwardly revised 270,000 gain in February, the Labor Department’s Bureau of Labor Statistics reported Friday.

The unemployment rate edged lower to 3.8%, as expected, even though the labor force participation rate moved higher to 62.7%, a gain of 0.2 percentage point from February. A broader measure that includes discouraged workers and those holding part-time positions for economic reasons held steady at 7.3%.