March Job Market Soars with New Health & Govt Positions – NJ Monitor
TL/DR –
In March, the US unemployment rate remained at 3.8%, marking 26 consecutive months below 4%. The Bureau of Labor Statistics reported the addition of 303,00 jobs in the same month, with significant growth in the healthcare, government, and construction sectors. However, there is concern over the rising unemployment rate among black people, which has increased from 5.2% in December to 6.4% in March.
US Labor Market Shows Strength in March
The robust US labor market maintained momentum in March, clocking the 26th consecutive month with an unemployment rate under 4%, at 3.8%. Despite economic challenges, the economy gained 303,000 jobs, according to the Bureau of Labor Statistics’ monthly employment report. This sustained labor market performance signals good news for the Federal Reserve amid ongoing inflation discussions.
Aaron Sojourner, a senior researcher at the W.E. Upjohn Institute for Employment Research, expressed that the labor market is “strong and healthy” and praised the addition of over 300,000 jobs.
Job Growth by Sector
Health care and government sectors led job growth in March, adding 72,000 and 71,000 jobs respectively. Additionally, hospitality and leisure industries reached pre-pandemic employment levels after adding 49,000 jobs, a development seen as positive for the economy and workers. The construction sector also experienced significant growth, adding 39,000 jobs, nearly double its average monthly growth over the past year.
Rising Unemployment Among Black Population
Recent data shows a rising unemployment rate among the Black community, from 5.2% in December to 6.4% in March. While the increasing trend is of concern, it’s not alarming due to the volatility of the data. Economists urged continuous monitoring to determine whether the trend signifies difficulty in job acquisition or is a result of more individuals entering the labor market.
Prime Age Employment Insights
The prime age employment-population ratio stood at 80.7% in March. This figure, which represents the share of the working-age population (25 to 54 years old) that is employed, is nearing the all-time high of 81.9% reached in April 2000.
Healthy Wage Growth Continues
Wages increased by 4.1% over the past year, continuing to outpace inflation. Also, the number of jobs added indicates a steady job market that aligns with Federal Reserve’s ongoing inflation control efforts. The strong job growth and increasing number of people rejoining the workforce are seen as positive signs for the economy.
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