Non-farm payrolls jumped 228,000 in March

(Sharecast News) - The US economy added far more jobs than expected in March, according to data from the Bureau of Labor Statistics on Friday, though the unemployment rate rose to a four-month high. Non-farm payrolls increased by 228,000 last month, after rising by just 117,000 in February, with job gains occurring in the healthcare and social assistance sectors, as well as in transportation and warehousing.

This was the highest increase since November and well above the consensus forecast of 135,000 - though February's figure was revised lower from the initial estimate of 151,000.

The jobless rate, however, crept higher to 4.2%, up from 4.1% the month before.

Notably federal government employment fell by 4,000 after dropping by 11,000 the month before, as the Department of Government Efficiency continued to slash spending (and roles).

Average hourly earnings rose by 0.3% over the month, following a 0.2% gain in February, meeting analysts' forecasts.