The US’s labor market is getting back to form as the employers are adding 431,000 Jobs in the third month, which brings the unemployment rate to a new pandemic low. In the United States, the new pandemic period low of 3.6 percent was reported by the Bureau of Labor Statistics.
The US labour market ended the first quarter with a total gain of more than half a million , with an average monthly growth of more than half a million Jobs. It was the 15th consecutive month of solid job gains. In February, before the epidemic, there was a 1.6 million employment shortfall. The United States is on track to recover from the pandemic recession in around eight years, compared to the Great Recession’s eight years.
They are increasing the pay for the employees to retain them in the Jobs. The average hourly earning increased by 13 cents to $31.73 in March. This puts the average over the past 12 months at 5.6%. The rate of wage growth would be otherwise phenomenal, but inflation in the pandemic era has rendered it pale in comparison.