US nonfarm payrolls rose by 196,000 in March, recovering from the unexpected low number of new jobs in February.
The March jobs number means the six-month average of payrolls created is back above 200,000, a respectable number given the late phase of the economic cycle. Wages grew by 3.2%, which is quite healthy, despite being below the expected rise of 3.4%. Therefore, inflationary pressure related to job scarcity will remain limited for now.
Overall, the US labour market is still in good shape, which together with the relatively high savings ratio should continue to support the US economy going forward.