March’s labor data continued what has become a ten-month pattern of positive job growth one month followed by job losses the next. Nonfarm payrolls surged to 178,000, nearly tripling the consensus estimate of 65,000 and the unemployment rate unexpectedly ticked down to 4.3%. February’s job losses of 133,000 had raised concern, but March’s rebound lifted the three-month average to 68,000. While still modest in absolute terms, it is the strongest three-month pace of job creation since May of last year. Initial jobless claims have held steady in the low 200,000’s throughout the quarter, reflecting a labor market where job losses remain contained.
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