CUNA Research: March Jobs Report Shows Strong Growth
FOR IMMEDIATE RELEASE
April 1, 2022
Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s March Employment Situation:
“The economy posted strong job growth in March as consumer demand continued to increase due to subsiding Omicron cases. The unemployment rate dropped to 3.6% -- edging closer to a pre-pandemic level of 3.5%. A quarter of the job gains occurred in leisure and hospitality as consumers are feeling more comfortable traveling and engaging in-person.
“Labor force participation increased slightly indicating more people are re-entering the job market. However, it is still lower than the pre-pandemic participation level, leading employers to increase wages to attract workers. Average hourly earnings increased 5.4% in the last 12 months.
“Continued increase in wage growth will lead to more price increases as businesses transfer these costs to consumers. This impacts low wage earners who are already struggling to make ends meet with price increases in broad consumer items.”
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