U.S. unemployment rate edges down to 3.8 pct in March after rising to two-year high

WASHINGTON, April 5 (Xinhua) -- U.S. employers added 303,000 jobs in March, with the unemployment rate edging down to 3.8 percent after rising to a two-year high, the U.S. Labor Department reported Friday.

Job gains occurred in health care, government, and construction, according to the department's Bureau of Labor Statistics (BLS).

Total nonfarm payroll employment rose by 303,000 in March, higher than the average monthly gain of 231,000 over the prior 12 months, the report noted.

In February, the unemployment rate increased to 3.9 percent, the highest level in two years. In March, the unemployment rate slightly dropped to 3.8 percent. The bureau noted that the unemployment rate has been in a narrow range of 3.7 percent to 3.9 percent since August 2023.

The change in total nonfarm payroll employment for January was revised up by 27,000, to a gain of 256,000, and the change for February was revised down by 5,000, to a gain of 270,000, the report showed.

In March, average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents, or 0.3 percent, to 34.69 dollars. Over the past 12 months, average hourly earnings have increased by 4.1 percent.

"Based on what we know now, the strength of the labor market suggests the FOMC ((Federal Open Market Committee) can continue to await further improvement on the inflation front before easing policy," Sarah House and Michael Pugliese, economists at Wells Fargo Securities, wrote in an analysis.