Job growth totals 236,000 in March, near expectations as hiring pace slows

Nonfarm payrolls rose about in line with expectations in March as the labor market showed increased signs of slowing.

The Labor Department reported Friday that payrolls grew by 236,000 for the month, compared to the Dow Jones estimate for 238,000. The unemployment rate ticked lower to 3.5%, against expectations that it would hold at 3.6%.

Though it was close to what economists had expected, the total was the lowest monthly gain since December 2020.

Along with the payroll gains came a 0.3% increase in average hourly earnings, pushing the 12-month increase to 4.2%, the lowest level since June 2021.

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