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The U.S. economy solidly added 303,000 jobs in March, much more than expected, as the unemployment rate fell to 3.8%.
The latest numbers from the Bureau of Labor Statistics showed that the pace of job growth remains high despite some predictions of a slowdown. The agency said job growth was higher than the average monthly increase of 231,000 jobs over the previous 12 months. The main job gains were in the health care, government, and construction sectors.
Average hourly wage increased 12 cents, or 0.3%, to $34.69. Over the past 12 months, average hourly wages increased by 4.1%, outpacing the rate of inflation. Employment growth over the past two months was also revised upward by 22,000.
Despite the overall strength, the number of film and sound recording jobs fell by 2,600 to 438,400. Employment in the broadcast industry and content providers fell by 2,300 to 341,500. The number of jobs in the publishing industry increased by 4,500 to 931,500.
Joe Biden has increased employment during his presidency even though polls show he still lags behind Republican rival Donald Trump in handling the economy. has been promoting. However, there have been some recent signs that consumers' perception of the economic situation is shifting a bit.
“Unemployment rate has fallen a notch to 3.8%. Labor force participation rate has improved. ” Jason Furman, a Harvard professor who served as chairman of the Council of Economic Advisers under President Barack Obama, wrote on X/Twitter.
“The strong growth in payrolls in March and the low and stable unemployment rate are evidence that the economy remains solid,” said Mark Zandi, chief economist at Moody's Analytics. . Most encouragingly, despite job growth, the labor supply is keeping up thanks to robust immigration. Labor market tightness and wage growth continue to ease.
“In fact, wage growth is already in line with current productivity growth and the Fed's inflation target. We are asking for proof. We should receive it within the next month or two or three.”
“Today's report of 303,000 new jobs in March surpasses the milestone of 15 million jobs created since I took office,” Biden said in a statement. That means 15 million more people have the dignity and respect that comes with a paycheck. ”
This will continue in the future.