The US economy added 431,000 jobs in March, bringing the unemployment rate down to 3.5%. Leisure and Hospitality sectors once again led the job gains, adding a combined 161,000 positions.
The March numbers bring the economy just inches away from pre-pandemic unemployment levels.
Overall, the United States has recouped 20.4 million of the 22 million jobs lost in the early parts of the COVID-19 pandemic. Experts suggest that the gap that remains could be closed by this summer.
Though experts do suggest there are some factors at plat that could slow progress towards a full recovery. They include a rising inflation rate and the Russia and Ukraine war, which has resulted in market volatility.
Market Recap Week of 3/28/2022 Through 4/01/2022 – Daily Flash Briefing