March Employment Situation (NFP): 178K jobs vs 70K jobs expected (above expectations)
Payrolls rebounded by 178K in March after February's shock decline, beating the 70K consensus. Unemployment dipped to 4.3% from 4.4%, while average hourly earnings growth cooled enough to keep the report from looking too inflationary. The report still showed a labor market losing some depth under the hood.
📊 Results
Actual Reading
Market Reaction
💡 Key Takeaway
The labor market bounced, but not cleanly. One month of recovery did not erase the broader cooling trend or the policy uncertainty hanging over hiring.
📖 Why This Matters
The Employment Situation report, commonly known as the Jobs Report or NFP (Non-Farm Payrolls), provides crucial insights into the health of the U.S. labor market. Released monthly by the Bureau of Labor Statistics, it includes non-farm payroll changes, unemployment rate, and wage growth data. This data is vital for Federal Reserve policy decisions, as employment is one half of the Fed's dual mandate alongside price stability.
March Employment Situation (NFP) actual vs expected
| Release date | Friday, April 3, 2026 at 08:30 ET |
|---|---|
| Event type | Jobs |
| Actual | 178K jobs |
| Expected | 70K jobs |
| Prior | -92K jobs |
| Expectation surprise | above expectations |
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FAQ
What was the March Employment Situation (NFP) result?
March Employment Situation (NFP) came in at 178K jobs versus 70K jobs expected, above expectations.
How did markets react to March Employment Situation (NFP)?
Treasury yields rose as the headline eased immediate recession fears.
🔗 Related Events
February Employment Situation (NFP)
DISASTER — Economy lost 92,000 jobs (vs +56K expected). Unemployment jumped to 4.4%. January revised down to +126K. Worst jobs print since the pandemic era.
April Employment Situation (NFP)
Payrolls rose 115K in April, beating roughly 65K expected, while unemployment held at 4.3%. Wage growth cooled to 0.2% MoM and 3.6% YoY, making it a resilient-but-not-too-hot labor report.
FOMC Rate Decision
Rates held at 4.25-4.50%. Powell stayed hawkish, markets shrugged.
Coinbase (COIN) Q4
Beat estimates. Revenue $2.3B vs $1.9B expected. Crypto rally lifted trading volumes.
January CPI
2.4% vs 2.5% expected — lowest since May. Core at 2.5%, lowest since March 2021. June rate cut odds jumped to 70%.