Residential building employment up 6%

Overall, the report showed a labor market that is coming back strong, adding 431,000 jobs in March. The jobs increase brought the unemployment rate to a new low amid the pandemic, of 3.6%. The unemployment rate stood at 3.5% before the pandemic.

Despite the solid numbers for March, Kushi noted they were below expectation – but with signs of promise overall.

“Total non-farm payroll employment increased by 431,000 in March, slightly below consensus expectations,” the economist told MPA. “Approximately 93% of the jobs lost in the pandemic have been regained. If monthly gains continue at the March pace, we could return to the pre-COVID employment peak by July 2022.”

Read more: Fed still likely to raise interest rates despite strong February jobs report

The report shows the economy is now a mere 1.6 million jobs short of where it was in February 2020 prior to the COVID-19 onslaught. That’s just 1% short of the February 2020 level. What’s more, various labor market measures are close to pre-pandemic levels, according to the report. The number of unemployed people, for example, fell by six million in March.