What to expect from the March jobs report
U.S. Bank Wealth Management Senior Vice President Lisa Erickson analyzes stock movements, the job market and potential 'further signs of deterioration.'
The March jobs report is expected to show the U.S. labor market again defied predictions for a sharp slowdown even as it battles higher interest rates and chronic inflation.
The Labor Department's high-stakes March payroll report, due at 8:30 a.m. ET Friday, is projected to show that hiring increased by 200,000 last month and that the unemployment rate held steady at 3.9%, according to a median estimate by LSEG economists.
That would mark a decrease from the 275,000 gain in February and the average monthly gain of 270,000 recorded over the past 12 months.
«The March jobs report will likely show a gentle softening in labor market conditions with private sector hiring falling back below the 200,000-mark and wage growth cooling,» said Lydia Boussour, EY senior economist. «Payrolls in the prior two months will likely be revised lower in keeping with the recent pattern of downward revisions.»
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More than 75 employers were taking resumes and talking to prospective new hires at a career fair in Lake Forest, California, on Feb. 21, 2024. (Paul Bersebach/MediaNews Group/Orange County Register via / Getty Images)
The Federal Reserve is closely watching the report for evidence that the labor market is finally softening after months of surprisingly solid job gains as policymakers try to ensure that progress on reducing inflation does not stall. Officials have suggested that fast wage growth – the product of a strong labor market – was a contributing factor to the inflation crisis that ravaged millions
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