The U.S. economy added a robust 303,000 jobs in March, well above expectations, as the unemployment rate ticked down to 3.8%.
The latest figures from the Bureau of Labor Statistics showed that the pace of job growth still remains hot, despite some predictions of a slowdown. The job growth was higher than the monthly average gain of 231,000 over the previous 12 months, according to the agency. Major jobs gains were in health care, government and construction.
Average hourly earnings increased by 12 cents, or 0.3%, to $34.69. Over the past 12 months, average hourly earnings have increased by 4.1%, above the rate of inflation. The past two months of job gains also were revised upward by 22,000.
Despite the robust picture overall, jobs in movies and sound recording fell by 2,600 positions, to 438,400. Jobs in broadcasting and among content providers fell by 2,300, to 341,500. Jobs in publishing increased by 4,500, to 931,500.
Joe Biden has touted the job growth during his presidency, even though polls show him still trailing Republican rival Donald Trump when it comes to handling of the economy. There have been some recent signs, though, that consumer perception of economic conditions has shifted a bit.
“Unemployment rate down a tick to 3.8%. Labor force participation up. Hours up. Overall strong report across the board. At the same time rapid wage growth, but might be overstated,” Harvard professor Jason Furman, chair of the Council of Economic Advisers under President Barack Obama, wrote on X/Twitter.
In a statement, Biden said, “With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office. That’s 15 million more people who have the dignity and respect that comes with a paycheck.”
More to come.
