US jobs report – what’s the latest?

The US job market continued its hot streak in March. Total nonfarm payrolls increased by 431,000 in March, bringing the unemployment rate to a new pandemic low of 3.6%, the Bureau of Labor Statistics said Friday.

Total employment in construction continued to increase in March, adding 19,000 jobs, and has returned to its February 2020 level. There were also notable job gains in leisure and hospitality (+112,000), professional and business services (+102,000), retail trade (+49,000), and manufacturing (+38,000).

“March was another strong month for the job market,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association. “Job gains were well above what can be sustained for the longer term, the unemployment rate dropped – despite a small increase in labor force participation, and wage growth increased again. Furthermore, the job gains for both January and February were revised higher. While employment remains 1% below February 2020 levels, the gap is closing, with increases averaging 562,000 per month in the first quarter.”