10 million Job vacancies in the US. Unemployment rate drops to 3.5% in March 2023

Highlights:  US demonstrated stronger job growth in March- The unemployment rate dropped to 3.5% from 3.6% last month

• Nonfarm payrolls in the US rose to 236,000 jobs in March 2023.
• The unemployment rate in the US dropped down from 3.4% to 3.5% last month.
• Average hourly earnings in the US rose from 0.2% to 3% in March.
• The US government aims to create approximately 100,000 jobs monthly to fulfil economic needs.

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US Labor Department report shows growth in overall jobs and average hourly earnings

The US government continued adding more and more jobs in March, resulting in a 0.1% drop in the unemployment rate, i.e., from 3.4% to 3.5%. The US labour department stated that as per the employment report, the nonfarm payrolls rose to 236,000 jobs in March and is further expected to rise up to 239,000 jobs.

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