U.S. hiring rebounded more than forecast in March and the prior month was stronger than first reported, potentially relieving some concerns about a cooling economy. Wage gains eased and the unemployment rate held near a 49-year low.
Payrolls rose 196,000 after a 33,000 advance, a Labor Department report showed Friday. The median estimate in a Bloomberg survey saw an increase of 177,000 after an initially reported 20,000 gain in February.
The jobless rate was unchanged at 3.8 percent, while average hourly earnings increased 3.2 percent from the prior year, below all estimates and down from the best pace of the expansion.
The data signal the labor market is solid enough to support economic growth in coming months even if job gains are moderating from last year’s pace. Unemployment near historic lows bodes well for consumer spending, though weaker wage gains suggest inflation will be even more muted as Fed policy makers wait to see how the U.S. economy weathers a global slowdown.
Combined revisions for January and February added 14,000 more jobs than previously reported, though the three-month average decreased to 180,000 from 191,000. Average hourly earnings rose 0.1 percent from the prior month, missing estimates, following a 0.4 percent gain.
