CHARLOTTE, N.C. (QC Life) - CBS News Business Analyst Jill Schlesinger broke down the latest government report on employment.
According to Schlesinger, the job market has experienced substantial growth during the month of March, 303,000 jobs were created in the past four weeks, and the unemployment rate dropped to 3.8%.
The March #JobsReport showed 303,000 jobs added. Here’s what you should know: 📉 The unemployment rate has been below 4%...
Posted by U.S. Department of Labor on Friday, April 5, 2024
While healthcare continues to be a strong contributor to the economy, the leisure and hospitality sector reached a milestone last month, adding 49,000 jobs and finally returning to pre-pandemic numbers.
The construction industry has also seen an increase in filled positions, adding 39,000 jobs, said Schlesinger.
All in all, wages continued to grow and currently exceed the consumer price index which especially impacts lower income U.S. households.
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Schlesinger said, between 2019 and 2023, wages for the bottom 10% of earners grew by a total of 12.1%.
This number represents inflation adjusted wages and demonstrates that low end wages rose faster than prices, which according to the expert, helped consumers stabilize their household budgets.
For her full analysis, be sure to listen to the full conversation above.
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