The March jobs report is expected to show the U.S. labor market again defied predictions for a sharp slowdown even as it battles higher interest rates and chronic inflation.
The Labor Department's high-stakes March payroll report, due at 8:30 a.m. ET Friday, is projected to show that hiring increased by 200,000 last month and that the unemployment rate held steady at 3.9%, according to a median estimate by LSEG economists.
That would mark a decrease from the 275,000 gain in February and the average monthly gain of 270,000 recorded over the past 12 months.
"The March jobs report will likely show a gentle softening in labor market conditions with private sector hiring falling back below the 200,000-mark and wage growth cooling," said Lydia Boussour, EY senior economist. "Payrolls in the prior two months will likely be revised lower in keeping with the recent pattern of downward revisions."
