The US created 431,000 jobs in March, missing forecasts as even-higher inflation slammed the economy
It's unclear just how much the conflict will lift prices, and the preliminary March jobs numbers only cover a period that ended about halfway through the month. Those weeks also saw daily coronavirus infections slide to the lowest levels since the summer of 2021, signaling a more favorable hiring environment. Recent consumer spending data also showed Americans' shopping spree, albeit at a slower pace of growth.
The labor force participation rate rose to 62.4% from 62.3%. The metric has taken on new importance in recent months as employers continue to struggle with the labor shortage. The rate reveals just how much of the population is sitting on the labor force's sideline, meaning they aren't working or looking for work. Although payroll totals and employment have staged swift recoveries through the pandemic, participation remains well below pre-crisis levels.
The labor shortage has also given way to historically strong wage growth, but the streak of massive month-over-month gains has turned choppy. Average hourly earnings rose by $0.13, or 0.4%, to $31.73 through March, matching the average estimate. That follows a meager $0.01 increase in February and suggests the wage boom isn't quite on its last legs.Sign up for notifications from Insider! Stay up to date with what you want to know.
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