The latest jobs data, released Friday, underline the ongoing momentum of the healthcare sector, something that advisors should keep a keen eye on amid broader market upheaval.
Total nonfarm payroll employment increased by 178,000 in March, according to the U.S. Bureau of Labor Statistics, well above the Dow Jones estimate of 59,000. The unemployment rate was little changed at 4.3%.
The report marked a stark contrast to the prior month’s report, where employment data came in significantly worse than expected.
However, the latest jobs numbers underline the strength of the healthcare sector, which added 76,000 jobs in March. Employment in ambulatory health care services rose by 54,000, according to the Bureau of Labor Statistics, reflecting an increase of 35,000 in physicians’ offices as workers returned from a strike. Employment also increased in hospitals, which added 15,000 jobs. Over the prior 12 months, the healthcare sector had added an average of 29,000 jobs per month.
“Healthcare firms have supported payrolls in recent periods, so this is the sector to watch throughout the year,” said Jeffrey Roach, Chief Economist for LPL Financial, in a statement.
Healthcare stocks enjoyed robust growth in the second half of 2025 and wealth managers have been closely watching their momentum. The State Street Health Care Select Sector SPDR ETF (Ticker: XLV) has returned about 2.5% over the last six months, compared with the S&P 500 index’s decline of about 2%.
The latest employment data also decrease the likelihood of a rate cut from the Federal Reserve anytime soon, despite pressure from President Donald Trump to lower interest rates. LPL Financial’s Roach notes that average hourly earnings rose 3.5% from a year ago, added that this gives consumers “enough buying power to overcome nagging inflation.”
“This update on the job market gives the Federal Reserve more time to wait for inflation to decelerate before taking action,” he added.
These sentiments were echoed by Chris Zaccarelli, chief investment officer for Northlight Asset Management. “At the margin, this would make the Fed less likely to rush to cut interest rates, however, it also reinforces the idea that the job market is holding up, which should allow consumer spending to continue - a key lynchpin in this economy,” he said, in a statement.
There are also geopolitical issues to consider amid the fallout ongoing conflict with Iran. “The Fed will hold rates steady for at least the next few decisions as they wait to understand the war's effects,” said Bill Adams, chief U.S. economist, at Fifth Third Commercial Bank.
The war with Iran, which is now in its 38th day, has sent oil prices surging amid massive disruption to shipping in the Strait of Hormuz, and oil and gas production in the region.
Last month the Federal Reserve kept its policy rate steady at 3.5% to 3.75%. The central bank made three consecutive rate cuts last year, and has been urged to slash rates further by Trump.
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