The United States
1. Nonfarm payrolls rose by a surprising 130k, well above the 70k consensus and the highest monthly job gain since December 2024.
Source: @economics Read full article
– The three-month average total job gains turned positive, signaling a stabilization in the labor market. Private payrolls have been rebounding since mid-2025.
• Hiring was concentrated in just a handful of industries.
– The education and health services sector has added jobs for 18 consecutive months.
Source: Matt Cerminaro
– This chart compares the cumulative job gains in healthcare relative to other segments.
Source: Sage Economics
• The annual benchmark revision reduced the seasonally-adjusted March 2025 employment level by 898k, while the level of employment for December 2025 was revised down by 1029k.
– The revised data show much weaker job growth for 2025, averaging just 15k per month, down from the 49k pace initially reported, …
Source: Wells Fargo
… making it weakest non-recession hiring year since 2003.
Source: @markets Read full article
• Unemployment rate dipped by 10 bps to 4.3%, below consensus.
– Here is a rough attribution of how the unemployment rate has changed.
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