According to the latest report from the U.S. Bureau of Labor Statistics, job growth slowed in March, with employers adding 236,000 jobs. This falls short of economists’ expectations, which had predicted job growth of around 650,000.
While job growth has been consistently strong since the start of the year, the latest figures suggest that hiring is starting to slow down. The unemployment rate also edged up slightly to 4.4%, up from 4.3% in February.
The report shows that the biggest gains in job growth came from the leisure and hospitality sector, which added 280,000 jobs. This is likely due to the easing of pandemic restrictions and the increase in travel and dining out.
However, other sectors saw more modest gains or even losses. The retail sector, for example, lost 6,100 jobs, while the manufacturing sector added just 53,000 jobs.
The latest job growth figures highlight the ongoing challenges facing the labor market as the country continues to recover from the pandemic. While there are signs of improvement, there is still a long way to go before the economy fully rebounds and employment returns to pre-pandemic levels.