WASHINGTON—One economist is saying the latest jobs report – with 196,000 jobs gained in March – makes a rate move from the Fed in either direction unlikely.
"This was a Goldilocks report, with a rebound in job growth to calm fears of an imminent recession, and wage growth that was solid enough without triggering inflationary concerns," observed NAFCU Chief Economist and Vice President of Research Curt Long. "The Fed will be pleased, as it supports their present stance of holding firm on interest rates."
The unemployment rate remained unchanged at 3.8% in March while the labor force participation rate fell from 63.2% to 63.0%.
Other Data
In other report data, private-sector payroll employment increased 182,000 jobs during March. The goods-producing sector increased 12,000 jobs, while the service sector increased 170,000 jobs. Public sector employment grew 14,000 from the prior month, Long said.
Average hourly earnings increased four cents to $27.70 in March, following February's 10-cent increase. Over the last 12 months, wages are up 3.2%, he said.