US Labor Market Near Full Employment as Jobs Report Shows a “Steady as She Goes” 236,000 Added Jobs

“We are getting close to full employment, and this is happening in a softening economy. There are now 20 states with an unemployment rate of 3% or less, and the prime working age employment rate is the highest in over 20 years.”

- Andrew Crapuchettes, CEO of RedBalloon

(Moscow, Idaho) - The BLS Employment Situation Report for March was released this morning, and showed that the economy added 236,000 jobs, in line with expectations of 239K new jobs. The unemployment rate at 3.5% and the number of unemployed people at 5.8 million remain little changed.

“This report, paired with the Job Openings report, shows that we’re not in a hiring slowdown, but rather a pare-down of creating new openings,” said RedBalloon CEO Andrew Crapuchettes. “As the economy softens, employers are weighing their options and hesitant to create new positions, but they’re still filling all of those positions they were unable to fill in the last 2 years.”

“We are getting close to full employment, and this is happening in a softening economy. There are now 20 states with an unemployment rate of 3% or less, and the prime working age employment rate is the highest in over 20 years, at 80.7%.”

Charts:

Unemployment rate by state.

There are historically high jobs openings, compared to a lowering unemployment rate.

Although the US labor market added jobs at a more significant rate, these numbers are in line with historical trends.

Many headlines have been made about the high rate of layoffs compared to last year, yet overall these numbers are in line with historical trends.

The labor market is close to full employment.

If you would like to schedule an interview with Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or isaac@redballoon.work.

Founded In 2021, RedBalloon has quickly become America’s largest connector of employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates. RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator who has founded several successful tech companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago.

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