Published on 9 Apr 2024 on Zacks via Yahoo Finance

Blowout Jobs Report a Godsend for These 3 Staffing Stocks

The labor market ended the first three months of the year on a solid footing, with jobs being added steadily and the unemployment rate edging lower. Job additions easily topped expectations in March despite higher interest rates, a tell-tale sign that the economy remains insulated from looming recessionary threats.

Nonfarm payrolls increased by 303,000 in March, way higher than analysts’ projections of payrolls increasing by 200,000, per the Bureau of Labor Statistics. The jump in new jobs was the most since May 2023. Job creations, by the way, remained above the threshold of 100,000 job additions per month, signifying hiring by employers across all working-age populaces.

Interestingly, job additions in February were lowered to 270,000 from the prior 275,000, while January’s job additions were raised to 256,000 from 229,000. However, job additions in the first month of the year are a heartening sign since employers cut jobs during this period as demand waned due to the end of the holiday shopping season.