The participation rate, or share of working-age people in the labor force, decreased and faces continued downward pressure as older workers retire. (Photo: Shutterstock)
(Bloomberg) –U.S. hiring rebounded more than forecast in March and the prior month was stronger than first reported, potentially relieving some concerns about a cooling economy. Wage gains eased and the unemployment rate held near a 49-year low.
Payrolls rose
Payrolls rose 196,000 after a 33,000 advance, a Labor Department report showed Friday. The median estimate in a Bloomberg survey saw an increase of 177,000 after an initially reported 20,000 gain in February. Treasury yields pared their gains briefly, but recovered to pre-report levels. U.S. stock futures advanced.
The jobless rate was unchanged at 3.8 percent, while average hourly earnings increased 3.2 percent from the prior year, below all estimates and down from the best pace of the expansion.
The data signal the labor market is solid enough to support economic growth in coming months even if job gains are moderating from last year's pace.
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