Marketplace Morning Report The March unemployment rate fell — but there's a catch
Apr 3, 2026
Eric Gordon, a business professor with expertise in IPOs, and Christopher Lowe, chief economist at FHN Financial, unpack the March jobs numbers and why the unemployment rate fell. They also dig into SpaceX's IPO plans, valuation questions, who might get shares, and the broader implications for markets and policy.
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Unemployment Drop Fueled By Fewer People Looking
- The March jobs report showed 178,000 new jobs and unemployment falling to 4.3 percent.
- Christopher Lowe says the drop largely reflects fewer people in the labor force, not a suddenly hotter job market.
Wages Beat Inflation But Still Losing Momentum
- Wage growth is 3.5% year over year, outpacing inflation but is the slowest of the cycle.
- Lowe says slowing wage growth suggests there isn't a true labor shortage despite a tighter unemployment rate.
Weather And Immigration Distort Job Numbers
- Weather and immigration distort recent labor figures: an ice storm likely overstated March payrolls and lower immigration has reduced the labor force.
- Lowe highlights the lack of immigration over the last year as a core driver of worker scarcity.