U.S. Economy Added 431K Jobs In March, Unemployment Drops To 3.6%

U.S. economy added 431,000 jobs in March as unemployment drops to 3.6 percent

The Labor Department reports U.S. employers added 431,000 jobs in March which helped to inch the unemployment rate down to 3.6 percent, just 0.1 percentage point above its pre-pandemic level.

You’ll recall 3.3 million people filed for unemployment benefits the week much of the country shut down in March 2020 due to the coronavirus pandemic. That was 4 times the previous record.

There was also an upward revision of 95,000 for the previous two months of this year.

The leisure and hospitality industries showed the biggest gains with 112,000 new hires indicating more and more Americans are feeling more comfortable moving out of their coronavirus bubbles.

More from the New York Times:

“It’s all about the virus, the virus, the virus — and the virus’s grip on the American psyche seems to have loosened and we may be moving toward the idea that ‘the Covid era’ of the U.S. economy is done,” said Austan Goolsbee, a professor at the University of Chicago and a chairman of the Council of Economic Advisers under President Barack Obama.

The average gain for the last six months is 600,000. The economy has recuperated more than 90 percent of the 22 million jobs lost at the peak of the pandemic’s impact on the economy in the spring of 2020 — a far swifter rebound than forecasters initially expected.