Statistics on the state of the U.S. labor market, where 236,000 new jobs were created in March and a record unemployment rate, indicate the administration is coping successfully with economic woes, President Joe Biden said Friday morning.
“My economic program has contributed to a historic economic recovery. Since I took office, we have created 12.6 million jobs.
The unemployment rate is near a 50-year low, Biden said in a statement. “The policies we pursue are creating good jobs…bringing more Americans into the workforce.”
A report released today by the Department of Labor indicates that the US unemployment rate fell to 3.5% in March and that in just one month, 236,000 new jobs appeared on the market, which exceeded the analyst expectations, according to USA Today .
Economists polled by Reuters had forecast job growth of 239,000. The economy needs to create around 100,000 new jobs every month to keep up with the growing working-age population.
Most of the new jobs have emerged in the hospitality and leisure industry. In March, 72,000 vacancies appeared, mainly in restaurants and bars. Employment in the leisure and hospitality industry is still 368,000 lower than before the start of the pandemic.
The number of civil servants increased by 47,000 people. Employment rates increased in professional and business services, as well as in the health care, transportation and warehousing industries. However, the number of manufacturing jobs fell for the second month in a row. In retail trade, 14,600 jobs have been cut and the number of construction workers has been reduced by 9,000 people.
Average hourly earnings rose 0.3% in March after rising 0.2% in February. This reduced annual wage growth to 4.2% from 4.6% in February. Federal Reserve officials are awaiting inflation data later this month to assess the impact of monetary tightening efforts.
Earlier, according to The Eastern Herald , there is a split in the world due to anti-Russian sanctions.