The United States Labor Department released the March monthly report on Friday, April 1, that unemployment fell and payrolls rose throughout the month of March.
Unemployment fell to 3.6%, which is the lowest rate since Feb. 2020. The job report was lower than the projected 490,000 jobs but 431,000 new jobs were created amid record-high inflation.
Most jobs were created in leisure and hospitality with 112,000 and professional resources with 102,000.
“Although today’s job report was a little softer than expected, it still paints a picture of a steaming labor market,” said Seema Shah, chief strategist at Principal Global Investors.
President Joe Biden spoke at the White House on Friday about the highly anticipated jobs report.
“Our recovery has created 7.9 billion jobs,” Biden said. “That is striking.”
Biden boasted the bipartisan infrastructure law that was passed in November and claimed that more jobs will ease inflation.
“Our policies are working and it’s paying off for the American people,” Biden said.
Biden said he will answer questions next week regarding the economy and other issues.
Job growth is a positive sign for the economy but Americans are still paying more at the pump, for food and cost of living.
Both inflation and the Russia-Ukraine war have influenced gas prices. According to AAA, the average gas price is $4.15 per gallon, which is up 47% from last year.
Utah has had one of the lowest unemployment rates in the nation at 2.1%. The strong job growth has contributed significantly towards the state’s economy.
Article by: Lexi Hamel
Photo courtesy of: Ernie Journeys via Unsplash