The Blubber

US economy added 303,000 new jobs last month.

In March, job growth was notable in several industries: health care (+72,300 jobs); government (+71,000 jobs); leisure and hospitality (+49,000 jobs); and construction (+39,000 jobs).

The current U.S. labor market is historically robust: Jobs have been added for 39 consecutive months, marking the fifth-longest period of job expansion on record, according to BLS data. The unemployment rate has remained below 4% for 26 consecutive months, the longest streak since the late 1960s.

President Joe Biden praised the March jobs report, calling it a milestone in America's economic recovery.

"Today’s report marks a milestone in America’s comeback," Biden said in a statement released by the White House. "Three years ago, I inherited an economy on the brink. With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office. That’s 15 million more people who have the dignity and respect that comes with a paycheck."

The economy remains a key issue for the president as he seeks reelection. In his State of the Union address, Biden pledged to raise taxes on corporations and reduce everyday costs, including junk fees and prescription drug prices.

March's jobs report also indicated a significant milestone in the pandemic recovery: The leisure and hospitality industry, which was heavily impacted by lockdowns and shifts in lifestyle during the pandemic, has now reached its pre-pandemic employment levels.

The March jobs report was anticipated to be the first "less noisy" report of 2024, providing a clearer picture of underlying labor market trends, according to Greg Daco, chief economist at EY-Parthenon, in an interview with CNN Business. Previous reports for January and February were affected by weather and seasonal factors, resulting in significant fluctuations and revisions in the data.

The initial estimates for January and February were revised twice, with a combined downward revision of 167,000 jobs. However, the revisions for January and February were more modest this time: January's gain was revised up by 27,000 to 256,000 jobs, and February's total was revised down by 5,000 to 270,000.