The daily business briefing: April 1, 2016

1. U.S. economy adds 215,000 jobs in March, unemployment inches up to 5 percent

The U.S. economy exceeded expectations by adding 215,000 jobs in March. The unemployment rate rose slightly to 5 percent from 4.9 percent, largely because the labor force, or the group of people who have jobs or are looking for them, grew by some 400,000 people. Average hourly earnings rose slightly by 0.3 percent month-on-month, and were up 2.3 percent from the same period last year.

Employment numbers for January and February were revised slightly, lowering the months' combined employment gains by 1,000. Job gains have averaged 209,000 per month thus far in 2016.

Bureau of Labor Statistics

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2. Tesla takes 115,000 Model 3 orders before unveiling

Tesla unveiled its Model 3 on Thursday evening, after customers lined up outside showrooms in the U.S. and Europe to plunk down $1,000 deposits and place orders. The Model 3, priced starting at $35,000, is the electric-car maker's "mass market, affordable car," Tesla CEO Elon Musk said. Previous Tesla vehicles have sold for $69,000 to more than $100,000. Tesla took more than 115,000 orders before the unveiling. The Model 3, which can go 215 miles on a single charge, is scheduled for release in 2017.

CNET The New York Times

3. Anbang drops out of bidding war with Marriott over Starwood

China's Anbang Insurance Group Co. unexpectedly dropped its $15 billion bid for Starwood Hotels & Resorts Worldwide on Thursday due to "market considerations," clearing the way for rival suitor Marriott International to buy the hotel chain. Marriott upped its offer from $12.2 billion to more than $14 billion during the bidding war. If Anbang had prevailed, it would have been the largest-ever Chinese acquisition of a U.S. company. A Marriott takeover of Starwood, which owns Sheraton, Westin, and other brands, would create the world's biggest hotel chain.

The Associated Press The Wall Street Journal

4. California and New York embrace hiking minimum wage to $15

A California bill seeking to raise the state's minimum wage to $15 an hour cleared its biggest legislative hurdle on Thursday, winning approval in the state Assembly. Democrats pushed the bill through in a 48 to 26 vote, with no Republicans voting in favor of it. Opponents said the proposal was rushed through too quickly. Gov. Jerry Brown (D) only unveiled it on Monday. Critics say the wage hikes would cause job losses. Later Thursday, New York lawmakers also agreed to start raising the minimum wage to $15 under a budget deal. The New York deal would bring the minimum wage to $15 in New York City by the end of 2018, with slower increases elsewhere in the state.

Los Angeles Times The New York Times

5. U.S. stocks end volatile first quarter after recovering early losses

World stocks edged down on Thursday to end a volatile first quarter. The major U.S. indexes plunged early in the year. The S&P 500 posted one of its worst-ever starts to a year, falling by 11 percent, before recovering and finishing the quarter up by about 1 percent. The volatility, which has been stoked by fear that a slowdown in China could hurt other economies, has weighed heavily on the dollar and the pound, but boosted the safe havens of gold and bonds.

Reuters