Despite the Federal Reserve’s efforts to control inflation by keeping interest rates high, the economy added 303,000 jobs in March. This was a surprise to economists who had predicted only 200,000 jobs would be added. The increase is higher than the average of 191,000 jobs added in the years leading up to the pandemic, indicating strong growth.
The unemployment rate also decreased from 3.9% to 3.8%, nearing the 50-year low of 3.4% reached last April. This decline in unemployment further demonstrates the economy’s resilience and ability to bounce back despite challenges.
This report highlights the strength of the economy despite facing obstacles such as high inflation rates and supply chain disruptions caused by global events like the pandemic and natural disasters. Since December 2020, the economy has consistently added jobs every month, with March marking the 39th consecutive month of job gains. This continuous growth is a positive sign for the economy and indicates a steady recovery from economic downturns caused by global events like COVID-19 and natural disasters.
Overall, this report paints a positive picture of a growing economy that is able to withstand challenges and maintain momentum despite obstacles such as inflationary pressures and supply chain disruptions caused by external events.
