#三月非农数据来袭 U.S. non-farm payrolls added 178k jobs in March, far exceeding market expectations of about 60k, reversing the decline of 133k in February. The main gains came from healthcare (+76k, including rehiring after strikes), construction (+26k, weather-related recovery), and transportation and warehousing (+21k). The unemployment rate slightly decreased to 4.3%, but the labor force participation rate dropped to 61.9% (a multi-year low), partly due to a shrinking labor force. Average hourly earnings rose only 0.2% month-over-month, with an annual rate slowing to around 3.5%. Overall signal: the job market shows a technical rebound, but underlying signs of slowdown remain, and it is not a strong recovery.