US non-farm payrolls rise by 228,000 in March
By Alexander Bueso
Date: Friday 04 Apr 2025
(Sharecast News) - Hiring in the US accelerated unexpectedly last month as hiring in Education and Leisure picked up.
According to the Department of Labor, non-farm payrolls grew by 228,000 in March.
Economists had forecast an increase of 135,000.
Payrolls data for the previous two months were revised down by a combined 48,000.
Average hourly earnings rose at a month-on-month pace of 0.3%, whilst the rate of unemployment ticked up by a tenth of a percentage point to 4.2%, both as expected.
In response, as of 1354 GMT the yield on the benchmark 10-year US Treasury note was off by nine basis points to 3.939%.
Earlier they had hit 3.864%.
Public sector hiring was up slightly, rising by 19,000 after a 1,000 person gain in February.
Private services sector non-farm payrolls meanwhile jumped by 197,000, following the previous month's 90,000 person increase.
Private Education and Health Services saw the biggest increase with a 77,000 person increase.
Hiring in Leisure and Hospitality meanwhile bounced back, adding 43,000 jobs after the 17,000 lost in February.
In private goods-producing industries payroll growth slowed from 26,000 to 12,000.
Following the release of the latest figures, Thomas Ryan at Capital Economics told clients that he expected job gains to remain healthy, "though slower" in 2025.
But that assumed that tariff revenues were recycled into the economy, thus preventing a recession, he said.
"Overall, though, the rise in the unemployment rate doesn't change the fact that the jobs report is positive, likely sparking a bit of a market rally and giving Powell the opportunity to emphasise that the economy is not already plunging into a recession when he speaks later today."
-- More to follow --
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