President Donald Trump On Friday, he touted March’s surprisingly strong jobs report after job losses in February.
“A very happy and blessed Good Friday to all, especially to the 186,000 Americans who gained private sector employment in the month of March alone!” the president wrote Friday. “My economic policies have created an extremely powerful engine of economic growth, and nothing can slow it down.”
Trump added that “factory construction jobs are skyrocketing due to the rapid reshoring and increased investment that TARIFFS have generated, while the trade deficit has shrunk 52% in one year!”
The United States added 178,000 jobs in Marchwhich includes 8,000 government job cuts, according to the Bureau of Labor Statistics.
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President Donald Trump on Friday touted March’s surprisingly strong jobs report, following February’s job losses. (AP Photo/LM Otero/Associated Press)
This figure is about three times higher than most economists predicted.
These 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 were made to payroll figures for the previous two months, with the January report revised up 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.
Overall, employment in January and February was 7,000 jobs lower than previously reported.
President Donald Trump attributed credit for March’s positive jobs report to his economic policies. (Chip Somodevilla/Getty Images/Getty Images)
We don’t know how the war in Iran This will affect employment figures going forward, as some economists say the March figures may not fully reflect the new conflict in the Middle East.
“The data is mostly retrospective and likely does not include any impact from the recent rise in energy prices or other crisis-related risks. war in Iran” wrote Thomas Simons, chief US economist at investment firm Jefferies, in a commentary.
THE healthcare sector led job gains in March, with 76,400 new jobs after a Kaiser Permanente strike ended in February as employees returned to work.
“This year will most likely be a year of changing work dynamics, as artificial intelligence disrupts the labor market, particularly for low-skilled positions. We continue to see attractive job opportunities for experienced workers,” 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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“The average hourly wage increased 3.5% from a year ago, giving consumers enough purchasing power to overcome stubborn inflation. This labor market update gives the Federal Reserve more time to wait for inflation to slow before acting,” Roach added.
The latest jobs data did little to change market expectations that Federal Reserve Interest rates are likely to remain unchanged for the foreseeable future.
Eric Revell of Fox Business and the Associated Press contributed to this report.