U.S. employers added 178,000 jobs in March, even as businesses faced higher costs from oil and rising inflation.
The upbeat job numbers, released Friday by the Bureau of Labor Statistics, exceeded many analysts’ expectations. Human resources provider ADP had projected a 62,000-job increase in the private sector for March. Because the U.S. lost government jobs, according to the BLS, the latest figures indicate 186,000 private-sector jobs were added.
Coupled with recent BLS data on job turnover, the report suggests many employees are staying put while businesses freeze hiring. The February hiring rate was the lowest since April 2020, when the pandemic halted much of the nation’s job growth.
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While finding new jobs may be more difficult, the data show most workers are holding onto the ones they have. The unemployment rate held steady at 4.3% in March.
Workers also continue to see pay increases. Average weekly wages rose 3.5% over the past year, with private-sector employees seeing particularly strong gains, according to ADP.
“Overall hiring is steady, but job growth continues to favor certain industries, including health care,” said Dr. Nela Richardson, ADP’s chief economist. “In March, this solid performance was accompanied by a boost in pay gains for job-changers.”
