Speed Reads

'red hot'

U.S. economy adds 431,000 jobs as unemployment rate declines to 3.6 percent

The U.S. economy added a solid 431,000 jobs in March as the unemployment rate dipped, the Labor Department says. 

The number of job gains came in a bit below expectations, as economists forecasted 490,000 additions, CNBC reports. But it was still a "solid" number, The Washington Post's Heather Long said, noting "93 percent of jobs lost in the pandemic are now back." The unemployment rate also declined to 3.6 percent. 

This comes after a strong report last month showed the economy added 678,000 jobs in February, although Friday's report revised this number up to 750,000. 

"Notable job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing," the Bureau of Labor Statistics said Friday.

Glassdoor Senior Economist Daniel Zhao said the "healthy" March report showed the "job market is still red hot," adding, "If 2022's pace of jobs growth continues, we would reach the pre-pandemic jobs benchmark as early as June."