Payam Javan: The U.S. labor market demonstrated resilience in March, adding 228,000 new jobs, well above the consensus forecast of 135,000 and surpassing February’s revised figure of 117,000, according to recent data. Despite ongoing market turmoil and rising economic worries, the unemployment rate rose slightly to 4.2% from 4.1%, aligning with expectations, while average hourly earnings increased by 0.3% monthly and 3.8% year-over-year. Key sectors driving job growth included health care (54,000 jobs), social assistance (24,000), retail (24,000), and transportation and warehousing (23,000), with full-time employment surging by 459,000. White House Press Secretary Karoline Leavitt hailed the figures, stating, “The economy is starting to roar,” attributing gains to efforts to bring jobs back to the U.S.

While job creation exceeded expectations, other indicators pointed to a cooling yet stable market. The Job Openings and Labor Turnover Survey (JOLTS) reported a drop in job vacancies to 7.568 million in February, down 194,000 from January, though still above pre-pandemic levels. Initial jobless claims fell to 219,000 for the week ending March 29, signaling steady employment, and private sector payrolls grew by 155,000, nearly double February’s figure, per ADP’s report. However, market reactions were muted as U.S. stocks fell sharply, driven by China’s retaliatory 34% tariffs on U.S. exports, overshadowing the positive jobs data. The Dow dropped over 1,000 points in pre-market trading, and the 10-year Treasury yield dipped below 4%, reflecting broader economic unease.