Despite the effects of rising gas prices and inflation, 431,000 jobs were added to the economy in March, according to the Labor Department’s newly released data.
On Friday (April 1), The Labor Department also reported that the unemployment rate dropped to 3.6 percent in March.
Gordon Gray, director of fiscal policy at the American Action Forum, said in a statement, “The March jobs report is another strong report.” He added, “Paired with another significant decline in the unemployment rate, as well as an uptick in the labor force, the labor market in March was undeniably strong.”
1,685,000 jobs have been added back into the economy since the start of 2022. Increased consumer spending combined with a high demand for workers has contributed to the continued job growth.
According to The Hill, Americans are returning to work after leaving their jobs during the pandemic, which has been good for businesses trying to fill record-high openings. Workforce participation increased to 62.4 percent in March.
Along with the increased influx of jobs, the average hourly pay rate rose last month. However, this hasn’t helped President Joe Biden’s approval rating which is currently stuck in the low 40s.
Record-high inflation and gas prices have crippled the administration and the Democratic party. With low approval ratings, Democrats are concerned they will lose both House and Senate majorities come voting time in the fall.
President Biden’s administration is pushing back against critics by touting the growing job market. While the US continues to face inflation due to the ongoing Russian-Ukraine conflict, businesses that took the biggest swings from the pandemic were among the top job gainers in March.
Senior economist at Glassdoor Daniel Zhao told The Hill, "Today's report adds confidence that we're still experiencing a hot labor market with a healthy buffer to fight any headwinds, but the last two years have demonstrated that we can't rule out any surprise curveballs.”
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