Despite slowed supply chains and a war in Europe, the U.S. job market powered on in March, with robust hiring pulling the unemployment rate close to its pre-pandemic level.
Unemployment falls as more workers find jobsThe rate fell for most demographic groups, but ticked up slightly for White men and Latino men.
A decline in COVID-19 infections around the country is leading more Americans to seek work and also cutting down on absenteeism on the job. In March, people reported that they had been unable to work because their employer closed or lost business because of the pandemic, down from 4.2 million in February. And fewer Americans are working remotely, with 10% of U.S. employees teleworking last month, down from 13% in February.
While the number of jobs added lagged economists' expectations of about 550,000 new additions, figures for January and February were revised to show about 95,000 more jobs created than initially estimated. With the latest report, the economy is within 1.5 million jobs of its pre-pandemic level. The participation rate for prime-age workers rose to 80, just 0.5 below its pre-pandemic level.
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