The United States labor market has contributed 303,000 to the economy, far more than the consensus estimate. The unemployment rate fell to 3.8% from its previous level.
According to President Joe Biden, the number brings the total number of jobs generated since he took office above the 15 million mark. "That's [15 million] more people who have the dignity and respect that comes with a paycheck," he said, as reported by The Guardian.
The Impressive Hiring Surge Has Shocked Economists
For the month of March, economists had predicted a 192,000 employment gain in the US. Despite the Federal Reserve's efforts to curb inflation by increasing interest rates, hiring has unexpectedly stayed robust.
Even economists are surprised to see that hiring has been strong, based on the Labor Department's Bureau of Labor Statistics report.
The unemployment rate dropped from 6.7% when Biden became president to below 4% over the last two years, the longest stretch in decades.
The most notable sectors showing improvement are healthcare, government, and construction. In February, the Labor Department said that employment in the leisure and hospitality industry had recovered to its pre-pandemic levels.
Wages increased by 0.3% month-over-month and 4.1% annually, the slowest annual advance since June 2021.
The report's resilience was unexpected, but it brought attention to the racial gaps in the US employment market again. The Black unemployment rate peaked at 6.4%, up 0.8% from August 2022. The unemployment rates for Whites remained constant at 3.4%, while those for Asians and Hispanics fell by 2.5% and 4.5%, respectively.
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