The jobs market is off to a hot start in 2022, with the economy adding 431,000 jobs in March, according to the Bureau of Labor Statistics. That follows job gains of 750,000 in February and 504,000 in January.
Why it matters: There are now about 1.6 million fewer workers employed than prior to COVID. At March’s job growth pace, it will take just four more months to return to pre-pandemic employment levels.
By the numbers:
- The unemployment rate fell to 3.6%. Wages rose 0.4% from February and a robust 5.6% from last March.
- More than 418,000 workers entered the labor force as well, another welcome sign that workers are coming back into the jobs market to fill the more than 11 million open jobs.
Yes, but: If the labor participation rate was the same as before COVID, there would be 2.6 million workers in the labor market. There is still work to do to get people back to work.
—Curtis Dubay, Senior Economist, U.S. Chamber of Commerce |
