10 million Job vacancies in the US. Unemployment rate drops to 3.5% in March 2023

Highlights: US has 10 million job vacancies and the unemployment rate also dropped to 3.5%

• The US economy has created job vacancies on a massive scale during March 2023.
• It also brought the unemployment rate down to 3.5%.
• Last month, the nonfarm payroll got increased by 236,000 jobs.
• Job openings went below 10 million by the February end.
• However, 1.7 job openings were there for every unemployed person during March.

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The US produced 1 million job vacancies

The US economy has created job vacancies on a massive scale during March 2023. It also brought the unemployment rate down to 3.5%.

Last month, the nonfarm payroll increased by 236,000 jobs, as reported by the Labor Department in its employment report on Friday. As noted earlier, the February data was revised and showed the creation of 326,000 jobs instead of 311,000.  

Economists polled by Reuters

According to a Reuters poll, the US economy must create approximately 100,000 jobs monthly to keep up with the growing working-age population.

Surveys from the Institute for Supply Management

As per the Institute for Supply Management surveys, job openings went below 10 million by the February end. However, 1.7 job openings were there for every unemployed person during the entire month.

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