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Expectations heading into this morning showed projections of about 200,000 new jobs having been added in the United States in March. As it turns out, according to the new report from the Bureau of Labor Statistics, the job market managed to do much better than that. CNBC reported:
The U.S. economy added more jobs than expected in March in a sign of continued acceleration for what has been a bustling and resilient labor market. Nonfarm payrolls increased 303,000 for the month, well above expectations for an increase of 200,000. ... The unemployment rate held steady at 3.8%, as expected.
In addition to the top-line data, we also learned that wage growth continued to outpace inflation. As unemployment rate inched lower again, the jobless rate has now been below 4% for 26 consecutive months — a streak unseen in the United States since the 1960s.
As for the politics, let’s circle back to previous coverage to put the data in perspective. Over the course of the first three years of Donald Trump’s presidency — when the Republican said the United States’ economy was the greatest in the history of the planet — the economy created roughly 6.35 million jobs, spanning all of 2017, 2018 and 2019.
According to the latest tally, the U.S. economy has created over 15.9 million jobs since January 2021 — more than double the combined total of Trump’s first three years.
In recent months, Republicans have responded to developments like these by pretending not to notice them. No one should be surprised if GOP officials keep the trend going today.
For some additional context, consider job growth by year over the past decade, updated to reflect the latest data revisions:
2013: 2.3 million
2014: 3 million
2015: 2.7 million
2016: 2.3 million
2017: 2.1 million
2018: 2.3 million
2019: 2 million
2020: -9.3 million
2021: 7.3 million
2022: 4.8 million
2023: 3 million
Three months into 2024: 829,000
This post updates our related earlier coverage.