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The U.S. labor market added an impressively strong 303,000 net new jobs in March. The unemployment rate fell slightly to 3.8% and overall labor force participation moved up, now at 62.7%.
Even the few areas where it may have been acceptable to criticize this labor market are vanishing. Doubters of this strong labor market had pointed to two things in recent months: a pattern of downward revisions to prior months’ figures and weakness in the household survey’s measure of employment. Well, January and February’s numbers were revised upward by a net 22,000. And the household survey showed an increase
