As the U.S. economy battles over the cost of living and rising inflation, concerns over the quality of life continue to increase. Despite the concerns over living standards worldwide, the U.S. job market is growing faster than anticipated. The unemployment rate fell to 6%, and the non-farm payroll increased by 916,000.
The great resignation continued into March, with February’s jobs report showing 4.4 million people quitting their jobs. The previous month had seen around 3.5 million workers leave their roles. The continued pace of the great resignation shows a change in the way Americans approach the balance between life and work.
The addition of jobs spanned several sectors, with 377,000 jobs added to the service industry. The goods-producing sector added jobs at the rate of 79,000 in March. The addition of jobs across multiple sectors has fueled hopes of a recovery that will help bring down the rate of inflation.Â
“Businesses are hiring, specifically among the service providers which had the most ground to make up due to early pandemic losses,” said Nela Richardson, chief economist at ADP. “However, a tight labor supply remains an obstacle for continued growth in consumer-facing industries.”
Jobs across the first quarter of 2022 have reached more than 1.5 million. Consumer confidence is strained despite the addition of so many jobs over the year’s first quarter. The overall job outlook has reached more than 490,000 as the Bureau of Labor Statistics retains its initial forecast.
Reports have shown that the available job market outweighs the number of available workers. A record number of 6 million jobs remain unfilled across the U.S. The rising number of filled jobs could be attributed to increased wages. Inflation issues continue to cause problems because of the expected rate hikes over the next three-quarters of 2022.
