By the Numbers: Continuing to Outpace Expectations, U.S. Economy Gains Over 300,000 Jobs in March

By the Numbers: Continuing to Outpace Expectations, U.S. Economy Gains Over 300000 Jobs in March  US Department of Commerce

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Apr 9, 2024 - 13:30
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By the Numbers: Continuing to Outpace Expectations, U.S. Economy Gains Over 300,000 Jobs in March

By the Numbers: Continuing to Outpace Expectations, U.S. Economy Gains Over 300,000 Jobs in March

GDP and Personal Income Rise in All 50 States and the District of Columbia

Job creation in March exceeded expectations, with 303,000 jobs added to the U.S. economy, according to the latest report from the Labor Department’s Bureau of Labor Statistics (BLS). Nearly 15.2 million jobs have been created under President Biden and unemployment has remained under 4 percent—the longest stretch in 50 years.

Sustainable Development Goals (SDGs)

  1. No Poverty
  2. Decent Work and Economic Growth
  3. Reduced Inequalities

Economic Growth and Job Creation

  • In March, 303,000 jobs were added to the U.S. economy.
  • Nearly 15.2 million jobs have been created under President Biden.
  • Unemployment has remained under 4 percent—the longest stretch in 50 years.

GDP and Personal Income Growth

  • According to the latest statistics from Commerce’s Bureau of Economic Analysis, both real gross domestic product (GDP) and personal income increased in all 50 states and the District of Columbia in the fourth quarter of 2023.
  • GDP increased in 18 of the 23 industry groups, with manufacturing and retail leading growth nationally.
  • Construction activity grew in 45 states and the District of Columbia.
  • For 2023, real GDP increased in 49 states and the District of Columbia, while current dollar personal income increased in all 50 states and the District of Columbia.
  • GDP increased in 17 of the 23 industry groups, with retail, professional, scientific, and technical services, and health care and social assistance leading contributors to GDP growth nationally for the year.

Wage Growth

  • Over the past 12 months, average hourly earnings have increased by 4.1 percent.

President Biden’s Commitment

  • “Over 15 million jobs have been created since President Biden took office and we continue to see economic growth in all 50 states and the District of Columbia,” said Secretary Raimondo.
  • President Biden is committed to creating more jobs in the United States and an economy that works for all Americans as part of his economic agenda.

References

  1. Latest report from the Labor Department’s Bureau of Labor Statistics (BLS)
  2. Latest statistics from Commerce’s Bureau of Economic Analysis
  3. President Biden’s economic agenda
  4. President Biden’s statement on the March Jobs Report

By the numbers is a blog series that showcases the Commerce Department’s economic indicators and how they impact the American economy.

SDGs, Targets, and Indicators

SDGs Targets Indicators
SDG 8: Decent Work and Economic Growth 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries Gross Domestic Product (GDP) growth rate
SDG 8: Decent Work and Economic Growth 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value-added and labor-intensive sectors Growth in industry sectors (e.g., manufacturing, retail, construction)
SDG 8: Decent Work and Economic Growth 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value Job creation, unemployment rate, average hourly earnings
SDG 10: Reduced Inequalities 10.4: Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality Income inequality, personal income growth

1. Which SDGs are addressed or connected to the issues highlighted in the article?

  • SDG 8: Decent Work and Economic Growth
  • SDG 10: Reduced Inequalities

2. What specific targets under those SDGs can be identified based on the article’s content?

  • Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
  • Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value-added and labor-intensive sectors
  • Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value
  • Target 10.4: Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

  • Gross Domestic Product (GDP) growth rate
  • Growth in industry sectors (e.g., manufacturing, retail, construction)
  • Job creation
  • Unemployment rate
  • Average hourly earnings
  • Income inequality
  • Personal income growth

4. SDGs, Targets, and Indicators

SDGs Targets Indicators
SDG 8: Decent Work and Economic Growth 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries Gross Domestic Product (GDP) growth rate
SDG 8: Decent Work and Economic Growth 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value-added and labor-intensive sectors Growth in industry sectors (e.g., manufacturing, retail, construction)
SDG 8: Decent Work and Economic Growth 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value Job creation, unemployment rate, average hourly earnings
SDG 10: Reduced Inequalities 10.4: Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality Income inequality, personal income growth

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: commerce.gov

 

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