us-economy

As employers rushed to hire employees and more people entered the labor force in search of work, the United States added 431,000 jobs in March, bringing the jobless rate closer to a half-century low.

The Wall Street Journal polled economists who predicted 490,000 new jobs in March, but the shortfall was offset by stronger-than-expected hiring in the first two months of the year.

Meanwhile, the jobless rate fell to 3.6 percent from 3.8 percent, according to government figures released on Friday.

Prior to the pandemic, the unemployment rate had dropped to a 50-year low of 3.5 percent.

The strong March employment data explains why the Federal Reserve is raising a key short-term interest rate this year after holding it near zero during the flu outbreak.

Inflation has reached a 40-year high of about 8%, and rising wages are contributing to the price pressures.

In March, hourly pay grew considerably again, bringing the year-over-year increase to 5.6 percent, the highest level since the early 1980s.

One caveat: Because the pandemic has waxed and waned over the past year, the jobs report has been less trustworthy. Large changes to the estimates were made months later.