Economic Data Report: Jobs
Strong Headline, Soft Foundation
Written by Jonnathan Handshoe, Investment Analyst, on April 6, 2026- US economy added 178k jobs in March, well above the 59k consensus estimate
- Unemployment rate ticked down to 4.3% from 4.4%
- Labor force participation slipped to 61.9%, its lowest since 2021
- February payrolls loss widened to -133k from -92k
March’s headline number looks strong, but the real story is more nuanced. The 178k gain was heavily distorted by a healthcare bounce-back from the prior month’s strike-related losses. Strip that out, and the underlying trend is far less impressive, with the three-month average near just 68k jobs. The dip in unemployment to 4.3% also came alongside falling labor participation, meaning workers are exiting the search rather than landing jobs. Factor in February’s sharp downward revision to -133k, and the headline figures are clearly masking a broader softening beneath the surface.
Jonnathan Handshoe Investment Analyst
Jonnathan Handshoe is an investment analyst at United Community, where he leads due diligence and ongoing oversight of ETFs, mutual funds, and SMA managers. He regularly presents to the Asset Management Council and drives research initiatives that support portfolio construction and manager selection across the organization. Before joining United, Jonnathan was an equity research analyst at CFRA Research, covering more than 40 public companies across the oil & gas and passenger airlines sectors. He developed thesis-driven views supported by detailed financial modeling and published frequent research notes and thematic research reports. Previously, he served as a mortgage underwriter at CIVIC Financial Services, focusing on real estate investment loans. His earlier experience includes credit and operations roles at Lima One Capital and ScanSource, where he analyzed borrower portfolios and supported senior leadership in credit decisions. Prior to joining the financial and investment services industry, Jonnathan began his career in the United States Marine Corps, serving for a decade and deploying to Helmand Province, Afghanistan, where he led teams and supported mission-critical operations. He holds an M.S. in finance from the University of Notre Dame, an MBA from The College of William & Mary, and a B.S. in business administration with a concentration in economics and finance from the University of South Carolina Upstate.
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This information is for informational purposes only and does not constitute investment advice.
Sources:
GDP – Bureau of Economic Analysis
Employment & Inflation – Bureau of Labor Statistics
Interest Rates – Federal Reserve
P/E S&P 500 – multpl.com
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