The U.S. labor market once again surprised economists with its strength, adding more than 300,000 jobs in March, with some key sectors continuing to boost growth.
Health care and social assistance were the sectors with the most employment gains – a common theme in recent years – with the creation of 81,300 jobs. Government and leisure and hospitality were the next two strongest sectors, and together these top groups accounted for more than 60% of March’s gains.
According to the Bureau of Labor Statistics, health care added 55,000 jobs through outpatient services and hospitals combined. Another strong hiring subgroup was local government, which grew by 49,000 jobs.
According to the BLS, the leisure and hospitality sector in particular is now back to pre-pandemic employment levels. Employment in this sector, which includes bars and restaurants, fell dramatically in 2020 as many of these establishments closed due to health concerns.
The continued recovery of these jobs, along with strong months for sectors such as construction, could be a sign that immigration is helping to grow the labor market without putting too much upward pressure on wages. The Bureau of Labor Statistics found that labor force participation changed little last year, despite consistent positive surprises in job gains.
“Last year, half of the labor force growth came from net immigration. Thanks to net immigration, there were 5.2 million additional jobs last year. “We have the growth that we have and the disinflation that we have had,” Stephanie Kelton, a professor at Stony Brook University, said Friday on “Squawk Box.”
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2024-04-05 16:42:08
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