U.S. payrolls rose by 178,000 in March, more than expected; unemployment at 4.3%

•⁠ ⁠Nonfarm payrolls rose a seasonally adjusted 178,000 in March, a reversal from the 133,000 decline in February and better than the Dow Jones consensus estimate for 59,000.

•⁠ ⁠The unemployment rate edged lower to 4.3%, though that was largely from a sharp reduction in the labor force.

•⁠ ⁠Wages also rose less than expected, with average hourly earnings up just 0.2% for the month and 3.5% from a year ago. The annual increase was the lowest since May 2021.

•⁠ ⁠Health care was responsible for much of the growth, with the sector adding 76,000 jobs.