Although that was more than the 391,000 that economists had predicted, the slowdown in job growth is no surprise. It is partly due to the fact that the recovery has come a long way and was bound to slow down at some point. It’s also partly due to the worker shortage that makes finding workers to hire more difficult.
Last month, most positions were added in the leisure and hospitality industry. Manufacturing, and transportation and warehousing also added a significant number of jobs. The nation still remains 1.2 million jobs below its February 2020 level, when the pandemic began.
The unemployment rate, which had been expected to fall to a pandemic-era low, held steady at 3.6%.
This is a developing story. It will be updated.