March Job Growth Beat Expectations
Summary from the AllSides News Team
The U.S. economy added 303,000 jobs in March, according to the Labor Department.
The Details: The growth beat Dow Jones economists' expectations of 200,000 jobs added. The unemployment rate was 3.8%, down slightly from 3.9% in February. Industries with the most job growth in March included healthcare (72,000 jobs added), government employment (71,000), and construction (39,000). The labor force participation rate was 62.7%, up slightly from February and near where it's been for the last year. In February 2020, the rate was 63.3%, and dropped to 60% when the COVID-19 pandemic began.
For Context: Monthly reports on job growth are watched closely by the Federal Reserve as it considers whether to hold or cut interest rates.
How the Media Covered It: As it often does when covering these reports, Fox Business (Lean Right bias) placed the data in the context of "high interest rates and stubborn inflation" while saying March's report underscored "the resilience of the labor market." Left- and center-rated sources tended to be more positive. CNN Business (Lean Left) said job growth "remains plentiful at American businesses." CNBC (Center) said the growth "easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market."
Featured Coverage of this Story
From the Right
US economy adds 303K jobs in March, much stronger than expected
U.S. job growth unexpectedly jumped in January, underscoring the resilience of the labor market even in the face of high interest rates and stubborn inflation.
Employers added 303,000 jobs in March, the Labor Department said in its monthly payroll report released Friday, easily topping the 200,000 gain forecast by LSEG economists. The unemployment rate inched lower to 3.8%.
The Federal Reserve signaled it is closely watching the report for evidence that the labor market is finally softening after months of solid job gains as policymakers try to ensure that inflation progress does not...
From the Center
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...
From the Left
March jobs report comes in hot: The US economy added 303,000 positions last month
Job growth remains plentiful at American businesses.
Employers added 303,000 jobs in March and the unemployment rate fell to 3.8%, according to the Bureau of Labor Statistics.
The total far surpasses economists’ expectations of 205,000 and for the jobless rate to fall from 3.9% to 3.8%, according to FactSet consensus estimates.
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