President Joe Biden hailed the March jobs report Friday, saying it shows that the U.S. economy 'has gone from being on the mend to on the move.' The government’s report showed that last month’s job growth helped shrink the unemployment rate to 3.6%.
FILE - A "now hiring" sign is posted in Garnet Valley, Pa., Monday, May 10, 2021. Job openings stayed at a near-record level in February, 2022, little changed from the previous month, continuing a trend that Federal Reserve officials see as a driver of inflation.
The job growth in March, though solid, was the lowest since September and slightly below what economists had expected. Still, Vincent Reinhart, chief economist at Dreyfus and Mellon, said the numbers show that “the U.S. economy continues to have underlying momentum and that firms are taking workers when they can.″The March report sketched a bright picture of the job market, with steady hiring and rising wages. Average hourly pay has risen a strong 5.
Across the economy, hiring gains were widespread last month. Restaurants and bars added 61,000 jobs, retailers 49,000, manufacturers 38,000 and hotels 25,000. Construction jobs rose by 19,000 and have now returned to their pre-pandemic level. “You can’t keep adding 400,000 workers a month without running out of workers,″ said Reinhart, a former high-ranking Fed economist.
In particular, Fichuk said, businesses need to draw more women back by, for example, offering flexible hours and childcare centers or stipends for childcare expenses.
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