A few brief excerpts from a note by Goldman Sachs economist Spencer Hill:
We estimate that nonfarm payrolls increased 200k in March, 15k above consensus. While we believe elevated snowfall will cause job growth to decelerate from the +276k average pace in the prior two months, labor market fundamentals remain solid and appear to have improved further.
…
we estimate the unemployment rate fell to 4.0% in March. … We estimate a 0.3% month-over-month increase in average hourly earnings (and 2.7% year-on-year), reflecting somewhat favorable calendar effects. …
emphasis added