March jobs report surpasses expectations, though concerns lay ahead

Total nonfarm payroll employment rose by 228,000 in March, and the unemployment rate rose slightly to 4.2 percent, from 4 percent last month, the US Bureau of Labor Statistics reported Friday.

“The economy added 228,000 jobs in March, far surpassing consensus expectations. This brings the average job gain for the first quarter to 152,000—a strong pace of hiring. The impact of federal workforce cuts appears limited in the report, as employees on paid leave or receiving severance are still counted as employed,” said America's Credit Unions Senior Economist Dawit Kebede. “Additionally, court rulings have temporarily halted some layoffs. However, the recent escalation of the tariff war and rising recession concerns pose a threat to the labor market’s strength. A healthy labor market is crucial for the stability and success of credit unions' operations.”