Soaring inflation and looming signs of recession in the U.S. market led to an addition of lower than expected jobs in March. Nonfarm payrolls were expanded by 431,000 during previous month. Moreover, the unemployment rate remained at 3.6%.
Bureau of Labor Statistics employment data
The Bureau of Labor Statistics published the jobs and employment related data. The figures reflected a decline in job numbers as compared to February. U.S. employers created 678,000 jobs during February 2022 and the unemployment stood at 3.8%. Moreover, the ADP Research Institute predicted an addition of 455,000 new jobs for March 2022. The moves in the jobless metrics came as the labor force participation rate increased one-tenth of a percentage point to 62.4%. The labor force grew by 418,000 workers and is now within 174,000 of the pre-pandemic state.
United States economy reported 11th consecutive month of jobs gains. The economists are considering it a strong sign in terms of economic recovery. Overall, the employment is now 1.6 million jobs below its pre-pandemic level. Economists are predicting that all lost jobs will be recouped by July this year. Unemployment dropped to 3.6% and is standing at its lowest since February 2020. Unemployment declined for all race groups with a large decline among Blacks.
The increase in payrolls was led by leisure and hospitality industry. The industry added 112,000 new jobs during March 2022. The hospitality industry was adversely affected by the coronavirus. However, it is still finding it challenging to hire and retain workers. Professional and business services payrolls increased by 102,000 jobs. Therefore, the sector’s employment is now standing at higher level than pre-pandemic levels. Retailers added 49,000 pushing the level of employment 278,000 higher than in February 2020.
Financial activities employment grew by 16,000 and is now 41,000 above its pre-pandemic level. Manufacturing payrolls increased by 38,000 jobs. However, it is yet to recoup the lost jobs during the pandemic. Construction employment is now back at its pre-pandemic level with an addition of 19,000 jobs during March.
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