The United States added 178,000 jobs in March after destroying almost as many in the previous month, according to official data released on Friday showing a slight decline in the unemployment rate to 4.3%. Job creation reported is significantly higher than market expectations, which were around 59,000 jobs, according to the consensus published by MarketWatch.
Data from the Bureau of Labor Statistics (BLS) often undergo significant revisions. They have experienced sharp fluctuations in recent months, with both job creation well above expectations and dramatic job losses. Meanwhile, the unemployment rate has remained stable and close to full employment.
February’s numbers had a significant impact with 92,000 job losses reported. The updated data released by the BLS on Friday shows an even less favorable picture: 133,000 job losses. This period was marked by a strike in the healthcare sector, with temporarily excluded workers skewing the statistics. The end of the strike led to a correction, but does not fully explain the extent of the recovery. Jobs were also created in March in construction and logistics, as highlighted by the BLS.
