The economy added 431,000 jobs in March as the unemployment rate drops to 3.6%

The US economy added 431,000 units in March, continuing its strong growth as unemployment dropped to 3.6%.

The number of added jobs met or exceeded expectations and indicated a steady return to normal from the Covid pandemic.

March was a month in which many companies set a deadline for their employees to return to work. According to the Bureau of Labor Statistics, 10% worked remotely due to the March pandemic, up from 13% in the previous month.

In March, the average hourly wage increased by 13 cents to $ 31.73. These revenues have grown 5.6% over the past 12 months.

Jobs were most important in leisure and hospitality, professional and corporate services, retail trade and manufacturing industry. Employment in film and music, classified as film and audio recordings, has risen to 425,500 jobs, an increase of approximately 8,400.

The Bureau of Labor Statistics also revised employment data from previous months. It added 72,000 jobs in February to 750,000 and 23,000 in January to 504,000.

Mark Zand, chief economist at Moody’s Analytics, tweeted: “The March employment report was a long way off: lots of jobs, low unemployment and high labor force participation. The job market is exciting. “Even if it has not returned to full employment, the economy is close and will be there throughout the summer at the current rate of employment growth.”

But given the low level of unemployment, the concern now is that the economy will slow down. Zandi wrote that “it is clearly a concern that the labor market needs to cool rapidly, otherwise inflation, our number one economic problem, will soon be much higher.”

President Joe Biden is expected to speak at work later today. Although the White House has recognized job gains since Biden took office, inflation has become a major issue leading up to the interim period, which may have lowered Biden’s approval ratings.