The unemployment rate fell to 3.8% from 3.9% in March. (iStock)
The unemployment rate fell slightly in March to 3.8%, the Bureau of Labor Statistics said. employment status report. The unemployment rate last month remained at 3.9%. That rate has declined, thanks in part to the addition of an additional 303,000 jobs in March.
The unemployment rate has not changed much in recent months. Since August 2023, it has repeatedly increased and decreased between 3.7% and 3.9%.
There are currently 6.4 million unemployed people in the United States. The number of long-term unemployed people (those who have been unemployed for at least 27 weeks) reached 1.2 million this month, little changed from February.
Industries that made the biggest gains included health care, government, and construction. The healthcare industry added 72,000 jobs, which is higher than last year’s average monthly increase of 60,000 jobs.
The U.S. government added 71,000 jobs, also higher than the average for the previous 12 months. The construction industry added 39,000 jobs, nearly double the average monthly increase of 19,000 over the past 12 months.
Some industries saw little change in employment last month. There was little change in employment numbers in mining, quarrying, oil and gas, and manufacturing.
Jobs were also lost in the building materials and equipment industry and auto parts distributors. Construction companies and equipment stores lost 10,000 jobs, and auto parts manufacturers lost 3,000 jobs.
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More and more consumers are forced to live paycheck to paycheck due to heavy debt.
Inflation has recovered slightly
US Bureau of Labor Statistics Consumer Price Index (CPI) The inflation rate, a key measure of inflation, rose 0.4% after rising 0.3% in January.
The shelter index rose 0.4% in February, and the gasoline index rose 3.8%. These are the two indexes that pushed up inflation the most. The food index remained flat and remained unchanged from January to February.
Several indexes within the CPI fell slightly. The medical services index decreased by 0.1%. Sales of new cars decreased by 0.1%.
While new car prices fell in February, used car prices rose. The used car index rose 0.5%.
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Despite rising incomes, housing prices remain unaffordable
Although the job market remains strong, housing remains unaffordable for both buyers and renters.
The average sales price of a single-family home was 5.6 times the average income. the study The results of a study by the Harvard University Center for Housing Research were recently published. This exceeds the record since the 1970s.
In 2019, before the pandemic, the national price-income ratio was 4.1, but now it is 5.6. A high price-to-income ratio indicates low affordability for homebuyers.
Low mortgage rates have helped balance high prices during the pandemic, but the average rate on a 30-year mortgage currently stands at 6.82%, Freddie Mac said. recently reported. Additionally, high homeowners insurance rates and persistently high home prices are also pushing many buyers out of the market.
Renters are not much better off than buyers.another Recent joint center research We measured affordability for renters. It found that half of U.S. renters will be cost-burdened by 2022, spending more than 30% of their income on rent and utilities.
The number of renters spending 30% of their income rose by 2 million to reach a record high of 22.4 million. During the pandemic, resources have increased to help renters deal with these high costs.
“However, as these resources expire, the housing safety net is once again overwhelmed and underfunded,” Chris Herbert, managing director of the collaborative center, said in a press release.
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