An increase in payrolls and decrease in unemployment has pushed the United States labor market closer to pre-pandemic levels.
Nonfarm payrolls grew 431,000, and the jobless rate declined two-tenths of a point to 3.6 percent in March, according to the latest Bureau of Labor Statistics estimates.
With the latest numbers, payrolls remain 1.6 million below those for February 2020 and the onset of the COVID-19 pandemic in the United States. The unemployment rate has dropped to within a tenth of a point of the 3.5 percent posted in February 2020.
Estimated payroll gains for the previous two months were revised upward a total of 95,000 to 750,000 for February and 504,000 for January.
For March, 6 million people were counted among those unsuccessfully looking for work. Of those, 1.4 million were out of work 27 weeks or longer.
Another 4.2 million people were counted among those working part-time because their hours were cut or they were unable to find full-time positions.
The labor participation rate rose a tenth of a point to 62.4 percent, a point below the February 2020 level.
Payroll gains in March were spread out among a number of industry sectors. Employment increased 112,000 in leisure and hospitality, 102,000 in business and professional services, 49,000 in retail trades, 38,000 in manufacturing, 25,000 in social assistance and 19,000 in construction.
The average workweek shortened a tenth of an hour to 34.6 hours. The average manufacturing workweek held steady at 40.7 hours.
Average hourly earnings for employees on nonfarm payrolls rose 13 cents to $31.73. Over the past year, average hourly earnings have increased 5.6 percent.