Job Market Softens But Still Has Steam

The Bureau of Labor Statistics has just released its Employment Situation Report for March 2023. The numbers are mostly in line with what economists expected, and show a labor market that is softening but still exhibits substantial growth.

The household survey shows that the unemployment rate dropped to 3.5%, still close to a record low. Labor force activity, which has been inching up for each of the past three months, rose once again to 62.6%. This is good news for employers who still struggle to regain workers.