The U.S. economy added 431,000 new jobs in March, with an average of 562,000 new jobs per month in the first quarter of 2022, as the unemployment rate fell to 3.6% from the previous month’s 3.8%. However, higher interest rates and rising inflation could suppress the pace of job growth in the coming months.
The leisure and hospitality industry gained 112,000 jobs, professional and business services added 102,000, retail added 49,000, and manufacturing added 38,000.
There is also a record 5 million more job openings than unemployed people in the U.S., or 1.8 job openings for every unemployed American. However, the job opening rate in several industries has cooled off since October 2021 including manufacturing, wholesale trade, and transportation, warehousing and utilities.
The number of Americans quitting their jobs remains historically high, at 4.4 million, with retail trade and accommodation and food services industries particularly hard hit.
Workers returning to the workplace: In March, 10% of employed persons teleworked because of the coronavirus pandemic, down from 13% in February. See the results of our membership survey on return-to-work policies here.