US Job Report March 2024: President Joe Biden on the March Jobs Report

One more month, one more spike in employment growth. Seasonally adjusted, employers gained 303,000 jobs in March, according to a Labor Department report released on Friday.

It was a significantly bigger rise than anticipated and the 39th consecutive month of job growth. From 3.9 percent in February, the jobless rate decreased to 3.8 percent.

As anticipated, the unemployment rate decreased to 3.8%, despite an increase in the labor force participation rate to 62.7%, or 0.2 percentage points, from February. A more comprehensive measure, which accounts for disillusioned employees and those working part-time due to financial constraints, remained constant at 7.3%.

Wages increased by 4.1% from a year ago and by 0.3% for the month in the important average hourly earnings statistic, both in line with Wall Street projections.

US Job Report March 2024
Source: LinkedIn

President Joe Biden on the March Jobs Report

This study represents a turning point in the US recovery. I took over an economy that was about to collapse three years ago. We have already created 303,000 new employment in March, surpassing the 15 million jobs created since my election. That translates to an additional 15 million people who enjoy the respect and decency that come with a paycheck.

My strategy calls for investing in every American, expanding the economy from the bottom up and from the middle out, and granting the middle class a fair shot. For the longest period in more than 50 years, the unemployment rate has been below 4%. Pay is rising. There has been a notable decrease in inflation.

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