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Key Points:
The US economy added 228,000 jobs in March while the unemployment rate rose slightly to 4.2%, according to the Bureau of Labor Statistics. Healthcare and social assistance continued their streak of adding a large share of total jobs, accounting for 34% of March’s gain. The prime-age labor force participation rate and employment-population ratio both appear to have reached a ceiling, suggesting labor supply issues could soon become a challenge for the market.
The US labor market held steady through March, continuing to outperform expectations even in the face of continued uncertainty and the looming threat of