美国2025年3月非农数据点评：非农超预期，但对市场影响有限

Employment Data - In March 2025, the U.S. non-farm employment increased by 228,000, significantly exceeding the expected increase of 135,000[2] - The unemployment rate rose slightly to 4.2%, compared to the expected 4.1%[2] - The labor force participation rate increased to 62.5%, up from 62.4% in the previous month[2] Sector Performance - The retail sector added 24,000 jobs, while leisure and hospitality added 43,000 jobs, contributing significantly to the employment increase[2] - Government employment saw a slight rise, with state and local government jobs increasing by 6,000 and 17,000 respectively, despite a reduction of 4,000 in federal jobs[2] - The manufacturing sector experienced a modest decline, adding only 12,000 jobs, down from the previous month[2] Wage Growth - Average hourly earnings in retail and leisure/hospitality sectors increased by 0.7% and 0.6% month-over-month, indicating strong wage growth in these areas[2] - The overall wage growth in the durable goods manufacturing sector was the highest at 1.0% month-over-month[2] Market Impact - The release of the non-farm payroll data had a limited impact on the market, with U.S. Treasury yields and the dollar index showing only slight increases[2] - Federal Reserve Chairman Jerome Powell indicated that the Fed may hold off on policy adjustments, citing the need to assess the impact of tariffs on inflation[2] Risks - Potential risks include higher-than-expected inflation and a downturn in the U.S. economy[2]