The unemployment rate in the United States fell to 3.6 percent in March, its lowest level in nearly two years.
According to the US government, 431,000 jobs were added in the world’s largest economy last month, fueled by strong demand for workers and the economic recovery after the corona crisis.
Unemployment is now almost back to pre-coronavirus levels in the US, having made up 3.5 percent of the US workforce in February 2020. Millions of jobs were lost in the US due to the crisis, but many employers are now struggling with staff shortages.
Job growth in March was slightly slower than economists had expected. However, in February, employment growth was revised upwards to 750,000 new jobs.
The jobs report plays an essential role in the interest rate policy of the US central bank umbrella Federal Reserve. The Fed is raising interest rates due to high inflation in the US. The sharp rise in fuel prices mainly drives inflation.