US non-farm payrolls rose by 228,000 in March, significantly exceeding the consensus estimate of 135,000 and more than doubling the 100,000 forecast.
The report also showed private sector hiring contributing 209,000 jobs, suggesting sustained demand for labor despite ongoing monetary tightening. However, the unemployment rate edged up to 4.2%, in line with forecasts but above February’s 4.1%, highlighting a divergence between job creation and employment absorption.
The unemployment rate increased alongside a modest uptick in the labor force participation rate to 62.5% from 62.4%, indicating that more individuals re-entered the workforce but had not yet secured jobs. This dynamic helps reconcile the simultaneous rise in both payrolls and unemployment.
The household and establishment surveys, which inform these two figures, often diverge due to differing methodologies and sample bases.
Wage growth remained steady, with average hourly earnings rising 0.3% month over month and 3.8% year over year. Both figures suggest wage pressures are cooling slightly, offering a potential buffer for inflation concerns. Weekly hours held firm at 34.2.
The data prompted a muted yet visible reaction in bitcoin markets. Bitcoin briefly fell to around $82,000 before rebounding to trade near $82,970 shortly after the release. The initial drop likely reflected algorithmic selling on the unemployment rate uptick, followed by a recovery on stronger-than-expected payroll figures that signaled economic resilience.
Market participants will likely interpret the overall report as evidence of labor market rebalancing rather than deterioration. Attention now turns to the Federal Reserve’s response in upcoming meetings.
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