The U.S. economy added 228,000 jobs in March, a sharp increase that defied recession fears and beat forecasts.
U.S. hiring surged in March, surpassing economists’ expectations and defying Wall Street concerns about a possible recession, according to government data released Friday. Employers added 228,000 jobs last month, up from 151,000 in February, the U.S. Bureau of Labor Statistics reported.
The unemployment rate ticked up slightly to 4.2% but remains historically low. Key gains were seen in health care, transportation, and warehousing. Average hourly wages rose 3.8% year-over-year, outpacing inflation.
The strong labor data came as markets suffered steep losses following sweeping tariffs announced by President Donald Trump earlier in the week. The Dow plunged 1,679 points Thursday, while the Nasdaq fell nearly 6%.
Federal government jobs declined by 4,000 amid ongoing cost-cutting efforts. Despite these cuts, overall hiring remained robust.
“The economy is strong,” Fed Chair Jerome Powell said last month.
Still, analysts warn that tariffs could drive up prices and stifle growth. “Recession risks will likely rise,” Deutsche Bank said.