US Labor Market Tightens as Unemployment Rate Falls to New Low Despite Payroll Failure By

© Reuters

By Geoffrey Smith — The U.S. labor market tightened again in March, with the unemployment rate falling to a new post-pandemic low, even as the economy added fewer jobs than expected.

rose by 431,000 in the month to mid-March, well below consensus forecast of an increase of 490,000. However, the shortfall was fully offset by an upward revision of 62,000 February data, bringing the previous month’s gain to 750,000.

As a result, the fell to 3.6% from 3.8% in February, slightly below the forecast of 3.7%.

also rose more than expected, reflecting a further shift in the balance of forces in the labor market towards workers. The U.S. economy had more than 11 million job vacancies in March, according to a survey released earlier in the week by the Labor Department. Revenue rose 5.6% on the year to March, its fastest rate since the early days of the pandemic.

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