'The Great Un-Resignation': Economists React To The March Jobs Report On Twitter
Nonfarm payroll employment rose by 431,000 jobs in March, the U.S. Bureau of Labor Statistics reported Friday. The unemployment rate fell to 3.6%, well below March 2021, when it was 6.2%.
The economy averaged 562,000 job gains per month in Q1 2022, the same as the average monthly gain for 2021.
The leisure and hospitality sector continued to grow, with a gain of 112,000 jobs in March. The industry is still down by 1.5 million jobs, or 8.7%, since February 2020.
Professional and business services added 102,000 jobs in March, including 22,000 job gains in services to buildings and dwellings. There are now 723,000 more jobs in the professional and business services sector than there were in February 2020.
Retail trade also continued adding jobs, growing by 49,000 in March. Employment in the retail trade sector is 278,000 jobs above its level in February 2020.
Construction employment also grew, adding 19,000 jobs in March. Employment in the construction industry has returned to the level it was in February 2020.
Here's how economists and others reacted to the March jobs report on Twitter.
Today's March #JobsReport shows a job market staying red-hot with jobs added, falling to a still-healthy 431,000, slightly lower than expected.
— Daniel Zhao (@DanielBZhao) April 1, 2022
Unemployment improved more than expected to 3.6% on the back of an uptick in labor force participation as more workers return.
1/
Total nonfarm payroll employment rose by 431,000 in March, slightly below consensus expectations. Appx 93% of the the jobs lost in the pandemic have been regained. If monthly gains continue at the Mar. pace, we could return to the pre-COVID employment peak by July 2022. pic.twitter.com/nLZK41z5Om
— Odeta Kushi (@odetakushi) April 1, 2022
The Great Un-resignation https://t.co/IShVqgi7rA pic.twitter.com/JIiv5ZL6xN
— James Pethokoukis (@JimPethokoukis) April 1, 2022
About on consensus growth in payrolls for March, with gains of 431k. February revised up to an even stronger 750k. Fairly consistent pattern of strong revisions in the last few months, so my expectation is reality was even stronger.
— Adam Ozimek (@ModeledBehavior) April 1, 2022
1.7 million jobs created in Q1. We're not in a recession.
— Conor Sen (@conorsen) April 1, 2022
Where were the #job gains in March?
— Heather Long (@byHeatherLong) April 1, 2022
Business +102,000
Restaurants/bars +61,000
Retail +49,000
Manufacturing +38,000
Hotels +25,000
Social assistance +25,000
Construction +19,000
K-12 education +16,400
Finance +16,000
Health care +8,000
Warehouse: +4,300
Trucking: -4,900
Women gained 271,000 of this month's 431,000 gain in payroll (63%). climbing up to 49.8% of those on payroll. This is a healthy sign. Women suffered the greater job losses during the Pandemic. Their recovery shows we are on the right path to recovery. @AFLCIO pic.twitter.com/5UnAtIvqrv
— William E. Spriggs (@WSpriggs) April 1, 2022
Leisure and hospitality employment rose again. But, it continues to be a lagging sector and geez this recovery is slow in this regard. Just grinding higher every month. pic.twitter.com/nCtVNPatnX
— Wendy Edelberg (@WendyEdelberg) April 1, 2022
The rate of wage growth among the lowest-wage workers right now is really remarkable. No sign of a slowdown here whatsoever. pic.twitter.com/jRzo8pT5Em
— Ben Casselman (@bencasselman) April 1, 2022
Totally unlike in the Great Recession and its aftermath, Congress did what was needed to spur a strong recovery this time around (namely CARES and ARPA). We would have millions fewer jobs today if Congress had not enacted the Covid relief and recovery measures it did. 6/
— Heidi Shierholz (@hshierholz) April 1, 2022
Every recession and recovery has its lessons. It seems clear that next time around we should make sure to pass ample stimulus, but not have any pandemics or wars.
— Ryan Avent (@ryanavent) April 1, 2022
But with unemployment now at 3.6%, and the number of new jobs required to keep it stable as low as +50k, one really has to wonder how long this torrid pace of job growth can continue.
— Justin Wolfers (@JustinWolfers) April 1, 2022
Ongoing gains are great, but unsustainably rapid gains less so.
The jobs market in America it's doing a hell of a job.
— Arindrajit Dube (@arindube) April 1, 2022
