The U.S. economy added 178,000 workers to payrolls in March, the Bureau of Labor Statistics reported Friday. That’s three times the consensus forecast of 59,000 and a sharp reversal from February’s revised decline of 133,000, which was dragged down by a large healthcare strike.
But the headline number understates just how strong the report really is. The break-even rate of employment growth — the number of new workers needed on payrolls each month to hold the unemployment rate steady — has collapsed to near zero, according to converging analyses from the Federal Reserve Bank of Dallas and the Federal Reserve Board of Governors.
The Dallas…
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