April 2022 Jobs Report:
A Look at March's Trends

Executive Summary

Following in February’s footsteps, job growth remained strong throughout March with the addition of 431,000 jobs to the marketplace. This job growth, accompanied by a continued decrease in unemployment rates (3.6%), has kept the labor market tight. The relationship between job growth and decreased unemployment rates has also kept unemployed workers per job opening extremely low at 0.55, nearly equal to the record low. As was the case in February, quit rates have remained elevated (24% above pre-pandemic levels) as wage increases still haven’t been able to keep pace with growing inflation, though average hourly earnings are up 5.6 year-over-year (YoY) , the largest YoY increase since May 2020.