Labor Department report reflects strong job market

Employers added roughly 303,000 jobs in March, according to a U.S. Department of Labor report Friday. Those job gains primarily occurred in health care, construction, and government sectors. Additionally, the department reported that the month-to-month unemployment rate remained at 3.8 percent. The number of unemployed individuals also stayed relatively unchanged at 6.4 million people.

How has the market responded to this report? The S&P 500 was up roughly 1.3 percent after the report, at around 12 p.m. ET on Friday, according to a MarketWatch report.

What is the administration saying about this? President Joe Biden on Friday issued a statement saying his administration had created 15 million jobs since he had taken office. “Today’s jobs report marks another chapter in America’s comeback,” he said. Meanwhile Rep. Lauren Boebert, R-Colo., on Friday said that gas prices are still skyrocketing under Biden administration policies. Additionally, the Republican National Committee reported Friday that Nevada residents have suffered from higher food, energy, and vehicle insurance prices.

Dig deeper: Listen to Nick Eicher and David Bahnsen’s discussion on The World and Everything in It podcast about whether the United States has reached the end of its inflation cycle.