US Adds 431K Jobs in March, as Unemployment Rate Nears Pre-Pandemic Level

The U.S. economy is still scrambling with a labor shortage as a result of the pandemic, which left 10.9 million jobs vacant at the end of 2021. But the employment situation summary signals a strong recovery from pandemic levels as the labor market continues to add jobs. Just before COVID-19 hit, the unemployment rate stood at 3.5%, only slightly lower than the March rate.