The Labor Department reported Friday morning that the U.S. economy added 196,000 jobs in March, showing a rebound from the February report and beating economists’ predictions.
The unemployment rate of 3.8 percent remained the same.
Numbers were also revised for earlier months, with 33,000 new jobs added in February, up 13,000, while there was a modest—1,000 job—upward revision for January, to 312,000.
What this means is that “everyone can relax,” as the New York Times states.
The solid job gains that have come to define the current economic expansion resumed in March. The gain in hiring, though widely forecast, will clear some of the doubts hanging over the economy. Though the economy is expected to slow this year from the strong pace of 2018, Friday’s report was a welcome sign that job creation remains robust.
The United States economy is still enjoying one of its longest expansions on record. It has produced nearly 21 million jobs since the labor market bottomed out in 2010, and the unemployment rate has plunged from a peak of 10 percent in October 2009. (NYT)
“It’s clear that the U.S. economy is continuing to go to work for America’s small businesses and their millions of employees,” said Alfredo Ortiz, Job Creators Network president and CEO. “While the healthy job creation numbers reported this morning are a good sign the economy still has fuel in the tank, one of the other encouraging indicators is wage growth—which has performed extremely well over the past eight months.”
“The progress seen in the economy continues to surprise many onlookers,” continued Ortiz. “But with the sound policies being implemented by the Trump administration, there’s no telling where the marathon of strong economic growth will end. Not only has the administration cut taxes for millions of Americans and small businesses, but thanks to a reduction in burdensome regulations, businesses are able to operate more freely. Moreover, important initiatives in the workforce development area are being pursued and will help equip Americans with the necessary skills to fill one of the millions of available jobs. ”