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US adds 431,000 jobs as hiring spree cuts unemployment rate to 3.6%
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The US added 431,000 jobs in March as the coronavirus pandemic receded and employers went on a hiring spree in America.
The gain was the 11th consecutive month of gains above 400,000, the longest such stretch of growth on record. The unemployment rate fell from 3.8% to 3.6%. The largest gains were in leisure and hospitality which added 112,000 new jobs in March.
The US is experiencing record levels of job openings and the number of people quitting their jobs in search of new work is also at a record high. The worker shortage is pushing up wages.
Over the past 12 months, average hourly earnings have increased by 5.6%.
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