The US economy posted another sizable payroll gain of 431,000 jobs in March as the labor market posted a strong and speedy recovery to bring employment near to pre-Covid levels.
- The figures reveal a decline from job figures in February when the economy added 678,000 new jobs, and the unemployment rate dropped to 3.8%, surpassing analyst estimates.
- In March, the number of unemployed people dropped by 318,000 to 6 million, largely unchanged from the situation in February.
- Hourly wages rose slightly in March to $31.73, continuing a 12-month trend whereby hourly pay has increased by 5.6%.
The labor force participation rose to 62.4% after an unexpected increase to 62.3% in the last month’s data indicated that more individuals were returning to look for work.
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Source: US Bureau of Labor Statistics