The economy added 303,000 jobs in March, the Bureau of Labor Statistics reported Friday, a number that exceeds expectations and comes as good news for President Joe Biden as the general election draws nearer.
Economists had forecast about 212,000 new payroll jobs, adjusted for seasonal variation.
The unemployment rate fell to 3.8%, a low level by historical standards. The February jobs data adds to other evidence that the labor market is retaining strength.
The better-than-expected jobs report is a boost for the White House, which has been working to credit Biden for the strong job creation during his time in office, characterizing the underlying strength of the labor market and broader economic growth as “Bidenomics” in action.
Overall, the labor market has held up remarkably well despite the Fed’s interest rate target being at 5.25% to 5.50%, the highest level since the start
Read more…
