Labor Department Shows Sharpest Growth in Payrolls Since March '07

Data on the US jobs market was released early on Friday even as the stock market is closed for Good Friday.

The Labor Department showed that nonfarm payrolls for the month of March increased by 164,000, marking the largest monthly gain in three years. Economists on Wall Street had been looking for a steeper rise of 184,000 however the market does not seem disappointed as futures turned positive following the release.

The Department also revised last month's nonfarm payrolls number from the initial reading of down 36,000 to down just 14,000.

The report also showed that the nation's unemployment rate remained flat at 9.7%. Economists had been expecting the figure to remain flat from last month.

This year's February and March readings on the labor market have somewhat of a disclaimer attached as hiring from the US Census took up about 48,000 of the 164,000 increase. As the Census only hires during these few months, economists will not be able to depend on this category later in the year.