04/30/2025
The job market is showing surprising strength! Private companies added 155,000 jobs in March, well above expectations and nearly double February's revised 84,000 figure.
Despite concerns about an economic slowdown, this strong employment report suggests resilience in the job market. The hiring was broad-based across multiple sectors, with professional services adding 57,000 jobs to lead the way. Wage growth remained solid at 4.6% for those staying in their positions and 6.5% for job-changers.
What's particularly interesting is the narrowing gap between wage increases for those staying put versus changing jobs. This could indicate reduced mobility in the labor market as the premium for switching positions decreases.
The solid job creation comes amid policy uncertainty and ahead of upcoming trade policy announcements. Service providers accounted for 132,000 of these new positions, showing the continued strength in that sector. This resilience may provide some stability for markets in the near term. 💼
Source:
Payroll gains were stronger than expected in March, countering fears that the labor market and economy are slowing.
