ICYMI: The U.S. added 431,000 jobs in March, vs. 490,000 expected.
Amid soaring inflation and worries about a looming recession, the U.S. economy added slightly fewer jobs than expected in March as the labor market grew increasingly tighter.
The moves in the jobless metrics came as the labor force participation rate increased one-tenth of a percentage point to 62.4%, to within 1 point of its pre-pandemic level in February 2020. The labor force grew by 418,000 workers and is now within 174,000 of the pre-pandemic state. Professional and business services contributed 102,000 to the total, while retail was up 49,000 and manufacturing added 38,000. Other sectors reporting gains included social assistance , construction and financial activities .
Among individual groups, the Black unemployment rate fell 0.4 percentage point to 6.2%, while the rate for Asians declined to 2.8% and to 4.2% for Hispanics.The numbers come with the economy at a critical juncture in its pandemic recovery phase. Though hiring on the top line has been strong, there remains a gap of about 5 million more job openings than available workers.
To combat inflation, the Federal Reserve is planning a series of interest rate hikes that further would slow growth. Dirk Izzo, president and general manager of NCR Hospitality, said the industry is using a variety of tactics to survive. Technology has been a big factor in the pandemic world, with companies coping with a lack of workers by turning to hand-held devices, QR-coded menus and other implements to improve customer service.
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