Economy, Americas

US adds 236,000 jobs in March, unemployment falls to 3.5%

Number of unemployed people falls to 5.8M, from 5.9M

Ovunc Kutlu  | 07.04.2023 - Update : 07.04.2023
US adds 236,000 jobs in March, unemployment falls to 3.5%


The US economy added 236,000 jobs in March, slightly lower than market estimates, while the unemployment rate fell to 3.5%, the Labor Department announced on Friday.

The market expectation for nonfarm payrolls was a 239,000 gain in March.

Job additions for February were revised up by 15,000, from 311,000 to 326,000, according to data from the Bureau of Labor Statistics.

The unemployment rate fell to 3.5% in March, from 3.6% in February, while the market estimate for it was to remain unchanged at 3.6%.

The number of unemployed people in the US showed little change in March, slightly falling to 5.8 million, from 5.9 million the month before.

Both the labor force participation rate at 62.6% and the employment-population ratio at 60.4% were also little changed last month.

Commenting on the figures, President Joe Biden said the share of working age Americans in the labor force is at its highest level in 15 years.

"The unemployment rate is close to the lowest it has been in more than 50 years and a record low for African Americans," he said, according to a White House statement.

The president noted that recovery from the coronavirus pandemic is creating jobs and pulling more Americans into the labor force.

Biden said his administration is taking steps to lower costs for American families and to make the US economy stronger, with investments in infrastructure, innovation, and clean energy.

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