The US labor department data released today showed the pace of job additions in March was higher than estimates, adding to the evidence of resilience in the labor market despite gloomy US outlook.
Non-farm payrolls figure came-in at 215K , compared to the estimate of 205K jobs. The previous figure was revised slightly higher to 245K. Revisions to prior reports subtracted a total of 1,000 jobs to overall payrolls in the previous two months.
The unemployment rate unexpectedly picked up from 4.9% to 5.0%. However, the labor force participation rate rose to 63%, the highest since March 2014 and that could put to rest concern regarding an unexpected rise in jobless rate.
Average hourly earnings rebounded 0.3% m/m, beating the estimated rise of 0.2% compared to 0.1% drop seen in February. The annualized figure also ticked higher to 2.3% from 2.2%. The average work week for all workers was unchanged at 34.4 hours in March. fxstreet
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