US nonfarm payrolls added 431,000 jobs in March, extending a run of 11 consecutive months and 14 of the last 15 months with gains above 400,000. The average monthly gain over the last 15 months is 562,000 (see first chart).
Private payrolls posted a 426,000 gain in March, the 10th in a row and 13th in the last 15 months above 400,000 (see first chart). The average gain over the last 15 months is 530,000. Both total nonfarm payrolls and private payrolls are less than 1 percent below their February 2020 peaks with total nonfarm down by 1.6 million and private payrolls down by less than 1 million (see second chart).