US March Employment Statistics: Employment Increases by 178,000 from Previous Month, Easing Concerns about Slowdown

Recently NHK News on-line reported the following:

US Employment figure (Source: NHK)

米 3月雇用統計 就業者は前月比17万8000人増 減速懸念和らぐ

2026年4月3日午後10時01分

(2026年4月3日午後11時52分更新)

雇用統計

円相場や株価に影響を及ぼすアメリカの雇用統計が発表され、3月の農業分野以外の就業者は前の月から17万8000人増加し、市場の予想を上回りました。また、失業率も4.3％と前の月より0.1ポイント低下し、雇用情勢の減速への懸念はひとまず和らぎそうです。

アメリカ労働省が3日に発表した3月の雇用統計によりますと、景気の動向を敏感に示す農業分野以外の就業者は、前の月から17万8000人増加し、市場予想を上回りました。

2月のデータは下方修正され、前の月と比べて9万2000人の減少から13万3000人の減少になりましたが、金融市場では、アメリカを襲った寒波や医療大手のストライキなどが影響した可能性があり一時的な減少との受け止めが出ています。

また、失業率は4.3％で、前の月から0.1ポイント低下し、雇用情勢の減速への懸念はひとまず和らぎそうです。

一方、インフレに結びつくデータとして注目される労働者の平均時給は

▽前の年の同じ月と比べて3.5％

▽前の月と比べると0.2％上昇し、いずれも市場予想を下回りました。

金融市場では、賃金の上昇が個人消費を活性化してインフレを加速させる可能性は低下しているとの見方が出ていますがイラン情勢による原油価格の高騰が物価をどこまで押し上げるのかが今後の焦点になります。

Translation

US March Employment Statistics: Employment Increases by 178,000 from Previous Month, Easing Concerns about Slowdown

April 3, 2026, 10:01 PM

(Updated April 3, 2026, 11:52 PM)

Employment Statistics

US employment statistics, which would affect the yen exchange rate and stock prices, had been released. Non-agricultural employment in March increased by 178,000 from the previous month, exceeding market expectations. Also, the unemployment rate fell to 4.3%, a decrease of 0.1 percentage points from the previous month, which would likely ease concerns about a slowdown in the employment situation for the time being.

According to the March employment statistics released by the US Department of Labor on the 3rd, non-agricultural employment, being a sensitive indicator of economic trends, increased by 178,000 from the previous month, exceeding market expectations.

The February data was revised downward, compared to the previous month that showing a decrease of 92,000 people, it had now decreased to 133,000 people.  However, financial markets believed this is a temporary decline, possibly influenced by the cold wave that hit the US and strikes at major healthcare companies.

Furthermore, the unemployment rate was 4.3%, down 0.1 percentage points from the previous month, easing concerns about a slowdown in the employment situation for the time being.

Meanwhile, the average hourly wage of workers, which was attracting attention as data linked to inflation,

-           rose by 3.5% compared to the same month last year,

-          and by 0.2% compared to the previous month, both below market expectations.

While some in financial markets believed that rising wages were less likely to stimulate personal consumption and accelerate inflation, the focus from now on would be on how far the surge in oil prices due to the situation in Iran could push up prices.

So, non-agricultural employment in March has increased. Also, the unemployment rate has fallen compared to the previous month, easing concerns about a slowdown in the employment. The focus now would be on how far the oil prices increase due to the situation in Iran will push up commodity prices in the US in the coming months.