March job growth came in well above estimates according to the latest report from the Bureau of Labor Statistics. The economy added 178,000 jobs, compared with forecasts calling for just 60,000. The unemployment rate also edged down from 4.4% to 4.3%.
What’s the bottom line?
At first glance, this looks like a strong report. But other data suggest a more mixed picture. Reports from ADP and Revelio Labs showed smaller job gains (62,000 and 19,400, respectively), well below the BLS figure.
Revisions have also made the BLS data more volatile. For example, January job gains were revised higher, while February showed a larger loss. Over the past year, monthly results have frequently swung between gains and losses. All in all, the headline number doesn’t tell the whole story.
