Mary Daly, president of the Federal Reserve Bank of San Francisco, analyzes the March jobs report, the impact of the Iran conflict on inflation and more on “Maria Bartiromo’s Wall Street.”
President Donald Trump on Friday, the unexpectedly high March jobs report was touted after February’s job losses.
“A very happy and blessed Good Friday to everyone, especially the 186,000 Americans who secured private sector jobs in the month of March alone!” the president wrote on Friday. “My economic policies have created an enormously powerful engine of economic growth, and nothing can slow it down.”
Trump added that “factory construction jobs are soaring due to the rapid onshoring and rising investment that TARIFFS has generated, while the trade deficit has shrunk by 52% in a year!”
The US added 178,000 jobs in Marchincluding 8,000 government job losses, according to the Bureau of Labor Statistics.
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President Donald Trump on Friday praised the unexpectedly high March jobs report after job losses in February. (AP Photo/LM Otero / Associated Press)
The figure is about three times what most economists predict.
The gains come after the country lost 133,000 jobs in February.
Unemployment also fell from 4.4% in February to 4.3% in March, while the percentage of adults in the labor force fell to 61.9%, the lowest since November 2021.
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Revisions have been made to the last two months’ payroll figures, with the January report revised up by 34,000 jobs, from a gain of 126,000 to 160,000; while the February report was revised down by 41,000 jobs, from a loss of 92,000 to 133,000.
All told, employment in January and February was 7,000 jobs lower than previously reported.
President Donald Trump attributed his economic policies to March’s positive jobs report. (Chip Somodevilla/Getty Images/Getty Images)
It is not clear how the war in Iran will impact employment figures in the future, as some economists say March figures may not fully reflect the new conflict in the Middle East.
“The data is largely retrospective and is unlikely to capture any impact from the recent increase in energy prices or other risks related to war in Iran,” wrote Thomas Simons, chief U.S. economist at investment firm Jefferies, in a commentary.
The healthcare sector led job growth in March, with 76,400 new positions added following the end of a Kaiser Permanente strike in February as workers returned to work.
‘This year will most likely be a year of changing labor dynamics artificial intelligence will turn the labor market upside down, especially for low-skilled positions. We continue to see healthy employment opportunities for workers with experience,” said Jeffrey Roach, chief economist at LPL Financial.
Kaiser Permanente workers on strike in February. (Mindy Schauer/MediaNewsGroup/Orange County Register via Getty Images/Getty Images)
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“Average hourly wages rose 3.5% from a year ago, giving consumers enough purchasing power to overcome nagging inflation. This update on the labor market gives the Federal Reserve more time to wait for inflation to subside before taking action,” Roach said.
The latest employment figures have done little to change market expectations that the Federal Reserve is likely to leave interest rates unchanged for the foreseeable future.
Eric Revell of Fox Business and The Associated Press contributed to this report.
