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Payrolls rise by 98,000 in March, unemployment rate falls to 4.5%

The U.S. Department of Labor reported that nonfarm payroll employment increased by 98,000 in March, while the unemployment rate declined to 4.5%.

Econoday data made available by Bloomberg indicated that the consensus estimate for month-over-month job gains was an increase of 175,000 jobs. The unemployment rate was expected to remain at 4.7%.

The change in total nonfarm payroll employment for January was revised down to 216,000 from 238,000, and the change for February was revised down to 219,000 from 235,000.

More details to follow.