The booming U.S. job market reflects a robust rebound from the brief but devastating coronavirus recession, which wiped out 22 million jobs in March and April 2020.
- America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic, Russia’s war against Ukraine and the highest inflation in 40 years.
Still, those pay raises aren’t keeping up with the spike in inflation that has put the Federal Reserve on track to raise rates multiple times, perhaps aggressively, in the coming months. Those rate hikes will result in costlier loans for many consumers and businesses. In the meantime, worker pay raises, a response in many cases to labor shortages, are themselves feeding the economy’s inflation pressures.
Across the economy, hiring gains were widespread last month. Restaurants and bars added 61,000 jobs, retailers 49,000, manufacturers 38,000 and hotels 25,000. Construction jobs rose by 19,000 and have now returned to their pre-pandemic level.Some economists sounded a note of caution, though, suggesting that the prospect of much higher borrowing rates engineered by the Fed will inevitably slow the job market and the overall economy.
As the pandemic has eased, consumers have been broadening their spending beyond goods to services, such as health care, travel and entertainment, which they had long avoided during the worst of the pandemic. The resulting high inflation is causing hardships for many lower-income households that face sharp price increases for such necessities as food, gasoline and rent.
“The bad news,” he said, “is we haven’t yet recovered the pre-pandemic level of employment, and it will take longer” to get there.
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