Hiring across the U.S. rebounded in March after falling sharply the previous month, with employers adding 178,000 jobs, according to new data from the Department of Labor.
By the numbers
The March employment report beat consensus economic forecasts of 60,000 payroll gains last month, according to FactSet.
The latest payroll gains mark a sharp reversal from February, when employers unexpectedly cut jobs amid signs of a slowing labor market. Employers added just 181,000 jobs last year, with economic uncertainty prompting businesses to pull back on hiring.
Higher energy prices due to the Iran was could push firms to curb hiring later this year and potentially boost layoffs, James McCann, senior economist of investment strategy at Edward Jones, said in an email ahead of the government’s latest jobs readout.
Fuel costs have shot up since the U.S. and Israel attacked Iran on February 28, with domestic gasoline prices jumping above $4 a gallon and oil topping $100 a barrel.
Layoffs remain relatively muted for now. A recent report from outplacement firm Challenger, Gray & Christmas found that employers cut roughly 60,000 jobs in March, up from February but down year over year.