US Nonfarm Payrolls for March Surpass Expectations

US Nonfarm Payrolls rose by 303,000 in March compared to a projection of 200,000.
According to a Friday report from the US Bureau of Labour Statistics (BLS), nonfarm payrolls (NFP) increased by 303,000 in the US in March. This reading was far higher than the market’s estimate of a 200,000 increase. The growth of 275,000 that was reported in February was later revised to 200,000.

Additional information in the report revealed that although the labour force participation rate increased to 62.7% from 62.5%, the unemployment rate decreased slightly to 3.8% from 3.9%. Ultimately, the change in the Average Hourly Earnings indicated that annual wage inflation had decreased to 4.1%, as predicted.

The quick response to the US jobs news strengthened the US Dollar against its competitors. The US Dollar Index was up 0.4% on the day at 104.60 as of the time of publication.