As we wrote in our preview, while big data hinted at a weaker than expected March jobs print, the relentless influx of immigrants would lead to a hotter than expected payrolls number.
Payrolls preview: big data hints at weaker number but relentless surge in immigration will likely push it hot https://t.co/D5cf9duMIM pic.twitter.com/o7KOiEaAyp
— zerohedge (@zerohedge) April 5, 2024
Sure enough, the illegals won again when moments ago the BLS reported that in March, the US added a whopping 303K jobs, tied for the highest since Jan 2023!
The number was not only hotter than last month's (downward, of course) revised number of 270K (was 275K) but was above the highest Wall Street estimate of 290K (from Jobdig, Inc) and as shown below this was the latest multiple-sigma beat to expectations, this month coming in at 4x.
The March number, which will be revised substantially lower next month, follows two downward revisions, follows a 5,000 downward revision to the February number from +275,000 to +270,000, and a 27,000 upward revision to January from +229,000 to +256,000.
What is perhaps more notable is that after several months of declines in the Household survey, in March the number of people actually employed finally rebounded rising by 498K, to 161.466 million from 160.968 million. Still, as shown below, the data series has a lot of catching up to do.
Turning our attention to the unemployment rate, it unexpectedly dipped again, dropping to 3.8%, from 3.9%, in line with estimates; the unemployment rate for Blacks (6.4 percent) increased in March to the highest level in almost two years, while the rates for Asians (2.5 percent) and Hispanics (4.5 percent) decreased. The jobless rates for adult men (3.3 percent), adult women (3.6 percent), teenagers (12.6 percent), and Whites (3.4 percent) showed little or no change over the month.
Developing.
