The unemployment rate has tumbled more than the Federal Reserve and many forecasters had projected, handing President JoeBiden some good economic news.
The unemployment rate fell two-tenths of a percentage point to 3.6% in March, a more aggressive drop than expected. Joblessness is now at the lowest level since right before the COVID-19 pandemic struck, when it was resting at about 3.5%. The unemployment rate has ticked down nearly every month over the last two years.
Another sign from Friday's report that the labor market is tightening is the increase in the number of working-age people with jobs. The employment rate for workers aged 25 to 54 is on track to hit its pre-pandemic level this spring.“The overall labor force participation rate didn’t move much last month, but the rate for prime-age workers increased.
“Our economy has gone from being on the mend to being on the move,” Biden added, while attributing the growth to the Democratic $1.9 trillion coronavirus relief legislation.
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