The job market was far hotter than expected in March, as the Bureau of Labor Statistics reported 303,000 were added to non-farm payrolls last month – blowing past expectations of 200,000. The news prompted a surge in 10-year Treasury yields and general excitement along Wall Street.
January’s numbers were revised upward by 27,000, from new jobs 229,000 to 256,000. The jobs count for February was revised down by 5,000, from 275,000 to 270,000.
Despite the big news, the unemployment rate hovered around 3.8 percent. It’s been lingering in the 3.7 to 3.9 range for several months. However, the labor force participation rate dropped to 62.7 percent.
Here’s the overall breakdown from the BLS report:
Health care added 72,000 jobs in March, above the average monthly gain of 60,000 over the prior 12 months. In March, job growth continued in ambulatory health care services (+28,000), hospitals…
