New numbers show the unemployment rate at 3.6%.
However, the labor market is still very tight.
What are the numbers?
Economic activity has pretty much returned to pre-pandemic trends. However, Americans are battling record-high inflation. This is an unusual combination. Find more details on it here.
The unemployment rate has been steady at 3.6%. That means the number of unemployed people has stayed the same too, about 5.9 million.
Total nonfarm payroll employment saw an addition of 428,000. Job growth has been wide spread across industries including: leisure and hospitality, manufacturing, transportation and warehousing.
For workers, hourly earnings for private employees are increasing. Reaching about $31.85.
Long-term unemployment is 1.5 million. The labor force has not seen any growth in participation either, staying at 62.2%.
These numbers signal unemployment rates returning to normal. 3.6% today is an improvement compared to where we were prior to the pandemic.