US Private Payrolls Surge by 184,000 in March, Outpacing Expectations

Private sector job growth in March exceeded expectations, with 184,000 jobs added and a 5.1% increase in wages for workers who stayed in their jobs. The strong employment pickup was broad-based, led by leisure and hospitality, construction, trade, transportation, and utilities, and education and health services. The South saw the biggest gains regionally, with most growth coming from companies employing more than 50 workers. The Federal Reserve's patience in easing monetary policy is supported by solid payroll growth and improving inflation, with interest rate cuts expected later this year.