The number of unemployed people fell to 6 million, compared to 5.7 million before the pandemic, the government said.
The U.S. added back another 431,000 jobs in March, helping the unemployment rate fall more than economists expected as the strong labor market recovery encourages Federal Reserve officials to more aggressively raise interest rates.
The growth helped the unemployment rate tick down to 3.6% in March from 3.8% in February, edging closer to the"historic low" of 3.5% in February 2020, when unemployment was hovering at its lowest level since 1969, Bankrate analyst Mark Hamrick said in emailed comments. "Along with the decline in the jobless rate, more individuals were in the labor force, either working or looking for work," Hamrick notes, while also pointing out the upward revisions for January and February"more than make up for" the lower-than-expected job gains in March.
The number of unemployed people fell by 318,000 to 6 million, compared to 5.7 million before the pandemic, the government said."The labor market continues to power forward, with another solid jobs report shedding light on the real bright spot in the U.S. economy," says Jesse Wheeler, Morning Consult economic analyst.
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