In the latest indication that the country continues to recover from the Covid-19 economic shutdown, more than 431,000 new jobs were created in March, according to just-released figures from the Department of Labor.
The figures also show a decline in the nation’s unemployment rate to 3.3% from 3.8% the month previous, and just under 15% in the immediate months after the 2020 outbreak of the pandemic.
The new survey additionally indicates a decrease in the number of those categorized as the “long-term unemployed,” or those without jobs for more than 27 weeks, from nearly 1.7 million to around 1.4 million.
“Two years into the pandemic, the country has recovered almost all of the jobs lost early on,” remarked the Washington Post in looking at the new numbers, adding that more than 600,000 new jobs have been created since late 2021.
The biggest sector gainers include the leisure and hospitality industry, with 112,000 new jobs; professional and business services, up by 102,000; and the real estate trade sector, with a 49,000 gain.
The construction industry, meanwhile, saw an increase of 19,000 new jobs, with spending on various construction project now up for the 12th month in a row.
Residential and specialty trade contractors added 7,600 new jobs; with nonresidential firms experiencing an increase of 11,300.
In a statement, Ken Simonson, chief economist with the Associated General Contractors of America, said, “Construction is contributing significantly to the expansion of employment and the overall economy.”
Simonson added, however, that despite the good numbers, the industry continues to face “growing challenges in terms of filling job openings, obtaining materials, and keeping up with soaring wages and prices.”
By Garry Boulard
