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Employment <br />6,000 <br />2,000 <br />N <br />c -2, 000 <br />0 <br />c -6,000 <br />v <br />c <br />-10,000 <br />0-14,000 <br />11111111111111E:L1iiI1; <br />-2 2, 000 <br />Nonfarm Payroll (000's) <br />✓ S O ✓ S O <br />117 <br />d ' 0 ')0 P,b )0 e� )0 d '�? 4,j�1 P6�1 Pe�1 dr�� <br />Source: US Department of Labor <br />Unemployment Rate <br />24.0% <br />Underemployment Rate (U6) <br />20.0% Unemployment Rate (U3) <br />16.0% <br />0 <br />12.0% <br />M <br />8.0 % <br />4.0 % <br />0.0 % <br />✓ S O �✓ S O ar4�j O P�� OC <br />� 2ldr� <br />O � O 0 <br />Source: US Department of Labor <br />The U.S. economy added 431,000 jobs in March, with upward revisions from the prior months totaling 95,000. Trends in employment remain <br />strong, with the three-month moving average payrolls at 561,000 and the six-month moving average at 600,000. Job gains were broad based in <br />March, led by leisure and hospitality and professional and business services. The unemployment rate fell to 3.6%from 3.8%, the lowest level <br />since February 2020. The labor participation rate increased marginally to 62.4% in March from 62.3% in February but remains lower than the pre. <br />pandemic level of 63.4%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed <br />part time for economic reasons, fell to 6.9% in March from 7.2°% in February, declining below its pre -pandemic level of 7.0% in February 2020. <br />Wage growth accelerated in March, with average hourly earnings rising 5.6% from 5.2% year -over -year. As more participants enter the labor <br />force, wage inflation dynamics should startto moderate, helping to lowerthe current elevated inflation readings. <br />4 QtJ <br />12 <br />