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U.S. employers added 303,000 jobs in March, beating analysts' expectations and the average monthly increase of 231,000 over the past year. Unemployment stayed relatively stable at 3.8 percent, according to the monthly jobs report issued by the Bureau of Labor Statistics on Friday.
In a statement, President Joseph Biden said the report heralded "America's comeback" and that 15 million jobs had been created since he took office. Still, many Americans are insecure about the economy and feeling the pinch of inflation, a factor affecting Biden's approval ratings for his handling of the economy.
Friday's jobs report marked 39 straight months of jobs growth, but certain industries are surging more than others. The biggest gains were in health care, which added 72,000 jobs. Those jobs were most concentrated in outpatient services, hospitals, and nursing and residential care facilities.
The construction sector added 39,000 jobs in March, twice the average monthly increase for the past year. About two-thirds of that growth was in specialty-trade contractors (including plumbers and electricians) for both residential and non-residential construction. That surge comes even amid concerns that higher interest rates would slow new construction.
The leisure and hospitality industry may finally be putting the disruptions of Covid-19 behind it: The sector added 49,000 jobs, bringing it back to pre-pandemic levels. That includes a boom in jobs in the entertainment and recreation sector and 28,000 jobs added at restaurants and bars.
Another significant driver of growth was government hiring, which came in at 71,000 jobs, more than half of which were in local government. Manufacturing employment was largely unchanged, with an increase in transportation equipment manufacturing work offsetting losses in other areas.
Workers spent an average of 34.4 hours a week on the job in March, in line with recent trends. The average hourly pay for employees at private companies was $34.69, $1.38 more than the average in March 2023. For non-supervisory roles, the average hourly pay was $29.79, up $1.21 from last year.
Immigration is also increasing the labor pool, with 31.1 million foreign-born workers in the labor pool, a record high according to CNN.
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06.04.2024
The Biggest Venture Funding Category in Q1 Wasn't AI
Women-Led Startups Are Facing a Double-Dip Downturn. How Founders Can Weather It
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What Is Flip Commerce and Should Your Brand Join It?
How Zola Is Using AI to Solve a Customer Pain Point
Cocoa and Vanilla Prices Are on the Rise: How Businesses Can Navigate the Challenge
Why Chipotle Made Its Own Video Game to Give Away $1 Million Worth of Burritos
U.S. employers added 303,000 jobs in March, beating analysts' expectations and the average monthly increase of 231,000 over the past year. Unemployment stayed relatively........
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