The U.S. economy added 236,000 jobs in March and the unemployment rate inched down to 3.5 percent, according to Friday’s jobs report released by the Labor Department.
The unemployment rate for Black Americans is at a record low at 5 percent. That’s down from the peak of 16.8 percent at the height of the pandemic in May 2020.
The labor force participation rate for prime-age workers between the ages of 25 and 54 rose to 83.1 percent, returning to pre-pandemic levels. That’s good news for employers, who for years have been complaining that they cannot find enough workers.
President Biden was quick to take credit for the strong jobs numbers, stating that his policies are helping create “good jobs that you can raise a family on, which is pulling more Americans into the labor force.”
On the other hand, there’s some indications that the Fed’s interest rate hikes are having the intended effect of cooling the economy.
The 236,000 jobs added in March are fewer than the 311,000 added in February and the 504,000 in January.
Annual wage growth fell to 4.2 percent from 4.6 percent, off a high last year of 5.9 percent. The Fed wants to bring wages down to help fight inflation.
Still, the unemployment rate fell from 3.6 percent to 3.5 percent, showing that while hiring may be slowing, layoffs remain uncommon.
The Hill’s Tobias Burns breaks down the report here.
