March jobs report: Healthy labor market, slower supply, more volatility

March jobs report: Healthy labor market, slower supply, more volatility

From Making Sense by J.P. Morgan

April 3, 2026 · 8 min · Episode 371

About this episode

Mike Feroli discusses the March jobs report and its implications for the labor market and the economy.

In this episode of Making Sense, Mike Feroli, Chief U.S. Economist at J.P. Morgan, joins Sam Azzarello, head of Content Strategy, to unpack the March jobs report and what it signals beneath the headline. They discuss the rebound in hiring after February’s data, early signs that AI may be reshaping the labor market, and what higher energy prices could mean for consumer momentum. The conversation closes with Feroli’s outlook on how the data may shape the Fed’s near-term policy stance and his base-case outlook for the U.S. economy. This episode was recorded on April 3, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an…

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Host: Sam Azzarello

Guest: Mike Feroli

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Organizations: J.P. Morgan

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