March Jobs Report: 228,000 Gain, Above Expectations, but Revisions Weaken Trend

The US economy added 228,000 jobs in March, according to the latest report from the Bureau of Labor Statistics. The report also revised down previous estimates for new job creation in January and February.

The unemployment rate was little changed at 4.2% in March, the BLS said.

Economists forecast that the US economy added 125,000 jobs in March and for the unemployment rate to come in at 4.2%, up slightly from 4.1% in February. The BLS notes that the unemployment rate has hovered between 4.0% and 4.2% since May 2024.

March Jobs Report Key Stats

• Total nonfarm payrolls rose by 228,000.
• The unemployment rate ticked up to 4.2% from 4.1% in February.
• Average hourly wages rose by 0.3% to $36.0 after rising 0.2% in February.

While the gain in payrolls was larger than forecast, the BLS also revised down job growth in January and February. The change in nonfarm payroll employment for January was revised from 125,000 to 111,000, while the change for February was revised from 151,000 to 117,000. “With these revisions, employment in January and February combined is 48,000 lower than previously reported,” the BLS said.

“Job gains occurred in healthcare, in social assistance, and in transportation and warehousing. Employment also increased in retail trade, partially reflecting the return of workers from a strike. Federal government employment declined,” the BLS said.

In March, average hourly wages rose by 9 cents, or 0.3%, to $36. Over the past 12 months, average hourly earnings have risen by 3.8%.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.2 in March. For manufacturing employees, the average workweek rose to 40.2 hours, while overtime was unchanged at 2.9 hours. For production and nonsupervisory employees, the average workweek lengthened to 33.8 hours from 33.6 the prior month.