U.S. job growth continued at a brisk clip in March, suggesting the labor market is still strong and that businesses are eager to fill a near-record number of open positions.
Businesses are eager to onboard new employees and are raising wages in order to attract workers as they confront a labor shortage. There are roughly 11.3 million open jobs – the third-highest on record – while the pace of layoffs has moderated in recent months.
Millions of workers are seeing the largest pay gains in years, as companies compete with one another for a limited number of employees: Wages climbed 5.6% in March from the previous year, nearly double the pre-pandemic average of 3%. in nearly four decades that has pushed the price of everyday necessities like gasoline, clothing and food significantly higher.
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