<article><p class="lead">The US added 431,000 nonfarm jobs in March, extending a robust string of gains as the economy continues to recover from the Covid-19-induced slump.</p><p>Last month's increase followed upwardly revised gains of 750,000 jobs the prior month, the Bureau of Labor Statistics said. The unemployment rate edged down to 3.6pc, close to pre-pandemic levels.</p><p>Significant job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing. Average hourly earnings rose by 5.6pc in March on the year, a sign of sharp wage pressures as the economy bounces back from the Covid-19-induced recession in 2020.</p><p>The steady job growth appears to validate the Federal Reserve's efforts to rein in inflation that is running at four-decade highs through interest rate hikes that began last month, </p><p>Employment growth averaged 562,000 jobs/month in the first quarter, the same pace as full-year 2021. Still, employment is down by 1.6mn from February 2020, the last month before the pandemic struck the US full force.</p><p>Leisure and hospitality jobs rose by 112,000 in March, but remain down by 1.5mn jobs, or 8.7pc, compared with February 2020. That segment's employment has been the slowest to recover from Covid-19 shutdowns and restrictions.</p><p>The professional and business services sector added 102,000 jobs, ending the month 723,000 jobs above February 2020 levels. Retail trade added 49,000 jobs in March and is 278,000 jobs above pre-Covid levels.</p><p>Manufacturing added 38,000 jobs in the month but remains down by 128,000 jobs, or 1pc, since February 2020. Construction jobs rose by 19,000 to reach February 2020 levels. Employment in mining was little changed in the month.</p><p>Transportation and warehousing jobs also were little changed in March and are 608,000 jobs higher than February 2020.</p><p><i>By Robert Willis</i></p></article>
