economy
The March jobs report will be released on Friday. Here's what to expect
The U.S. economy is projected to show job gains of 59,000 in March, with the unemployment rate holding at 4.4%.
TL;DR
- Nonfarm payrolls are projected to increase by 59,000 in March.
- The unemployment rate is expected to remain at 4.4%.
- This projected job gain is considered above-trend for the past year's anemic labor market.
- Factors like immigration restrictions and geopolitical uncertainty are contributing to a static labor market.
- Economists are adjusting their definition of a 'healthy' job number, focusing more on the unemployment rate.
- The breakeven job growth needed to keep unemployment steady has decreased significantly.
- Some Wall Street firms have raised their recession odds, pointing to a slowing jobs picture and surging energy costs.
- Hiring rates have fallen to their lowest levels since 2011, excluding the Covid recession.
- Health care has been a major driver of job growth, accounting for almost all private payroll gains in March.
- Concerns exist that much of the job growth is in lower-paying home health-care aide positions.