Nonfarm payrolls fell 663,000 in March, versus the estimate of a 660,000 decline. February was unrevised at -651,000, while January was revised from -655,000 to -741,000. The unemployment rate increased from 8.1% to 8.5%, in line with the forecast. Average hourly earnings rose 0.2%, also matching the forecast.
The ISM Non-Manufacturing Index for March fell to 40.8 from 41.6 in February, below the estimate of 42.0. The index for new orders fell to 38.8 from 40.7 and employment dropped to 32.3 from 37.3. Prices paid decreased to 39.1 from 48.1, indicating a faster rate of decline in prices during the month.
