{"id":9010,"date":"2026-04-03T14:42:17","date_gmt":"2026-04-03T14:42:17","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=9010"},"modified":"2026-04-03T14:55:02","modified_gmt":"2026-04-03T14:55:02","slug":"us-employment-report-us-labor-market-continues-to-weather-shocks","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-employment-report-us-labor-market-continues-to-weather-shocks\/","title":{"rendered":"US Employment Report: US labor market continues to weather shocks"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-6600e5f926381bc85491d5907389a68a\" id=\"h-bottom-line\">Bottom Line:<\/h4>\n\n\n\n<p><strong>The March employment report surprised to the upside as payrolls added +178k and the unemployment rate ticked down to 4.3%. <\/strong>But in the shadow of a weak February (revised down to -133k), the March gain should not be taken at face value. Still, we view the unemployment rate as the better barometer of labor market health and the improvement there shows that the labor market remains on stable footings despite the volatility in payroll growth.<\/p>\n\n\n\n<p>In fact, much of the volatility should be expected \u2013 between SCOTUS overturning IEEPA and the escalation in the Middle East conflict driving oil prices higher, different sectors of the economy will need to react in different ways. The surprise came from sectors that have been most impacted by trade disruptions: manufacturing as well as transportation and warehousing both added jobs in March. Those sectors have largely shed jobs since Liberation Day as uncertain trade policies weighed on hiring. The underlying themes held steady in March as health care remains the largest contributor to job growth (even when correcting for the nurses\u2019 strike that ended).<\/p>\n\n\n\n<p>Construction hiring rebounded after a particularly cold February, driven largely by nonresidential construction (largely a data center story). So too did leisure and hospitality and retail sales, both reflective of a US consumer that continues to spend despite the uncertainty ahead. The most important takeaway from this report should be an appreciation for how low the breakeven rate of payroll growth has fallen (i.e., the number of job gains needed to keep the unemployment rate steady). Even though the labor market has averaged ONLY 15k jobs per month since October, the unemployment rate fell from 4.5% to 4.3%. Importantly, this employment report gives the Fed more time to assess incoming inflation data, and we expect they will remain on pause as their dual mandate faces growing tension.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69d2aa9f83a8d&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69d2aa9f83a8d\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"601\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/04\/US-Unempl-Apr-3-2026.png?quality=80\" alt=\"\" class=\"wp-image-9034\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/04\/US-Unempl-Apr-3-2026.png 700w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/04\/US-Unempl-Apr-3-2026.png?resize=300,258 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p>&nbsp; Here&#8217;s what stood out to us in this morning&#8217;s report:<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-color has-text-color has-link-color wp-elements-d4581a011bd0f3328c9e60c093a7737c\"><strong>1. Unemployment rate fell to 4.3%, driven by fewer job losers and fewer re-entrants<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The majority of the downshift in unemployment in the household survey can be attributed to fewer job losses in March. We also witnessed a decline in unemployed new entrants and re-entrants.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The unemployment rate fell not only for prime-age workers (aged 25 to 54) but also for those under 25 years of age (i.e., recent grads). This is a meaningful improvement in an economy where job search times have lengthened.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Concerningly, the U6 unemployment rate ticked up to 8.0% in March, partially reversing February\u2019s improvement as the number of those working part-time for economic reasons increased slightly. This could be an early sign of stress resulting from the conflict in the Middle East.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"has-rbc-bright-blue-color has-text-color has-link-color wp-elements-fe89727007bc75fff3e3b822c1fb3853\"><strong>2. <strong>A strong March NFP print does not fully override months of minimal job gains<\/strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>On net, the US economy averaged few jobs over the past six months (+15K) with the majority of gains driven by the health care sector (+85K jobs gains on average over six months) offsetting declines in trade-exposed sectors (-5K over six months).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Goods sector hiring has been weak outside of construction and March was the first month that the trade-exposed manufacturing sector added a meaningful number of jobs since 2024.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Cyclical services sector hiring has, by and large, been negative on net suggesting that many firms are not backfilling positions that have been left vacant by retirees. The services sector employes a greater number of older workers (55+) vs. the goods sector.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"has-rbc-bright-blue-color has-text-color has-link-color wp-elements-b5ef019ae45698f2f8d6649d0162d5bf\"><strong>3. <strong>The US labor market does not need to create many jobs at this juncture<\/strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Between February and March, the US economy only added +45K jobs and yet the unemployment rate moved lower. This suggests an exceptionally low rate of breakeven employment.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>This is unsurprising given the massive wave of retirees as well as the low levels of immigration. Importantly as firms hire new workers, the \u201cgains\u201d are offset by retirees leaving payrolls, meaning job creation is limited. Still, this is largely why we have been seeing low job gains and a stable unemployment rate.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>We continue to give more weight to the unemployment rate as a gauge of labor market health rather than looking exclusively at payroll data, where sector changes are reflective of policy uncertainty.&nbsp;&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-0976bbef1ab9d51a4a1feb6b3ad1b30d\" id=\"h-beneath-the-surface\">Beneath the Surface:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Between February and March, the US economy only added +45K jobs and yet the unemployment rate moved lower. This suggests an exceptionally low rate of breakeven employment.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>This is unsurprising given the massive wave of retirees as well as the low levels of immigration. Importantly as firms hire new workers, the \u201cgains\u201d are offset by retirees leaving payrolls, meaning job creation is limited. Still, this is largely why we have been seeing low job gains and a stable unemployment rate.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>We continue to give more weight to the unemployment rate as a gauge of labor market health rather than looking exclusively at payroll data, where sector changes are reflective of policy uncertainty.&nbsp;&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center\"><strong>About the Authors:<\/strong><\/p>\n\n\n\n<p><em><strong>Mike Reid<\/strong>&nbsp;is Head of U. Economics at RBC. He is responsible for generating RBC\u2019s U.S. economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist&nbsp; at RBC. Carrie is responsible for projecting key US indicators including GDP, employment, consumer spending and inflation for the US. She also contributes to commentary surrounding the US economic backdrop which she delivers to clients through publications, presentations, and the media.&nbsp;<\/em><\/p>\n\n\n\n<p><em><strong>Imri Haggin<\/strong>&nbsp;is an US Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":4561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[85,81],"tags":[58,110],"class_list":["post-9010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-data-flashes","category-us-analysis","tag-labour-market","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>US Employment Report: US labor market continues to weather shocks - 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