U.S. Adds 431K Jobs in March in Sign of Economic Health
Across the economy in March, hiring gains were widespread. Restaurants and bars added 61,000 jobs, retailers 49,000, manufacturers 38,000 and hotels 25,000.
Edited by Margo Ellis
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America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic and the highest inflation in 40 years, reported Manufacturing.net.
The Labor Department’s report Friday showed that last month’s job growth helped shrink the unemployment rate to 3.6%, the lowest level since the pandemic erupted two years ago.
Despite the inflation surge, persistent supply bottlenecks, the damaging effects of COVID-19 and now a war in Europe, employers have added at least 400,000 jobs for 11 straight months. In its report Friday, the government also revised sharply up its estimate of hiring in January and February by a combined 95,000 jobs.
In an encouraging sign for the economy, 418,000 people began looking for a job in March, and many found one. Since the pandemic struck in 2020, many people have remained on the sidelines of the job market, a trend that has contributed to a chronic worker shortage in many industries.
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