Topline
The U.S. added back another 431,000 jobs in March, helping the unemployment rate fall more than economists expected as the strong labor market recovery encourages Federal Reserve officials to more aggressively raise interest rates.
“The labor market continues to power forward,” said one analyst after the March report.
Key Facts
Job gains in March fell shy of the roughly 490,000 new jobs economists had forecast, according to data released Friday by the Labor Department, but were accompanied by upward revisions totaling 95,000 new jobs for the already-strong months of January and February.
The growth helped the unemployment rate tick down to 3.6% in March from 3.8% in February, edging closer to the “historic low” of 3.5% in February 2020, when unemployment was hovering at its lowest level since 1969, Bankrate analyst Mark Hamrick said in emailed comments.
“Along with the decline in the jobless rate, more individuals were in the labor force, either working or looking for work,” Hamrick notes, while also pointing out the upward revisions for January and February “more than make up for” the lower-than-expected job gains in March.
The number of unemployed people fell by 318,000 to 6 million, compared to 5.7 million before the pandemic, the government said.
Crucial Quote
“The labor market continues to power forward, with another solid jobs report shedding light on the real bright spot in the U.S. economy,” says Jesse Wheeler, Morning Consult economic analyst. “In March, unemployment ticked lower and wages continued to rise at a fast clip, albeit slower than inflation; nothing in today’s report is likely to deter the Fed from its current path of rapid rate hikes.”
Further Reading
Source: https://www.forbes.com/sites/jonathanponciano/2022/04/01/us-added-431000-jobs-in-march-unemployment-rate-falls-closer-to-pre-covid-low/