ICYMI: Chairman Yarmuth on March Jobs Report, which came out on Friday

Washington, D.C.— Today, Kentucky Representative John Yarmuth, Chairman of the House Budget Committee, released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 431,000 in March, February nonfarm payroll was revised up from 678,000 to 750,000 jobs, and the unemployment rate dropped to 3.6 percent:

“Today’s jobs report further exemplifies how the American Rescue Plan has helped power our record-breaking economic recovery and ensure this growth benefits American workers,” said Chairman Yarmuth. “The unemployment rate is down to near pre-pandemic levels at 3.6 percent — below projections from earlier in the year and moving closer to full employment levels. Workers’ wages are on the rise, particularly for lower wage earners. Our economy has added a historic 7.9 million jobs since President Biden first took office, and there are more open positions than there are workers to fill them.

“But there is more Congress can and should be doing to ensure all Americans can succeed in our new economy, including closing racial and gender disparities, making child care more affordable and accessible, and expanding job training programs. This week, President Biden put forth a pro-growth, fiscally smart budget that makes these investments in American families, and I look forward to working with my colleagues to advance this shared vision for our nation’s economic future.”

Statistics of note:

• The U.S. economy added a strong 431,000 Jobs in March 2022. Three-month average job growth is now at 562,000 jobs a month. February 2022 payrolls were revised up from 678,000 to 750,000 jobs.
• The unemployment rate decreased to 3.6 percent. Unemployment levels are below projections from earlier in the year and are falling closer to full employment levels. However, some of these declines are driven by workers leaving the labor force.
• Racial disparities persist, with Black men facing an unemployment rate more than twice as high as their white counterparts.
• Total payrolls still have a way to go with the economy still 1.6 million jobs short of February 2020 levels, and 6.6 million jobs below the 2019 trend. 
• Despite gains over the last year, workers have dropped out of the labor force at high rates, as the economy should have 2 million more workers than current levels. Though some of this is due to early retirements, many workers have not returned because of Covid fears and lack of available childcare.
• Much of the job growth this month was driven by an increase of 112,000 jobs in leisure and hospitality, 102,000 in business and professional services, 53,000 in education services and 49,000 in retail trade. Utilities and transportation and warehousing services remained nearly flat.
• In February, 10 percent of employed people teleworked because of the coronavirus pandemic (down from 13 percent in February) and 2.5 million people reported being unable to work or worked fewer hours because of the pandemic, compared to 4.2 million people in February. Of those who could not work, approximately 15 percent received some pay from their employers.