March non-farm payrolls increased +228K vs +140K expected. Feb payrolls revised down sharply to 117K vs 151K. Unemployment rate ticked up to 4.2% vs 4.1% expected. Avg hourly earnings +0.3% MoM (+0.3% expected) and +3.8% YoY (+4.0% expected).
The strong labor growth puts the Fed in a challenging position, as policymakers may have to bolster the economy, which would suggest lower interest rates, or taming inflation by keeping interest rates high. Chair Powell is due to speak later Friday.
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