The pace of job gains has remained above what is needed to provide jobs for new workers entering the labor force, allowing the unemployment rate to move down further over the course of last year. The unemployment rate was 3.6 percent last month and has been near half-century lows for more than a year. Job openings remain plentiful.
It has been facilitated by booming international trade and rapid growth, especially in some populous emerging economies. However, not everybody has benefitted. Guiding political and economic institutions in a more inclusive direction is essential to limiting adjustment costs and facilitating sectorial reallocation. Maintaining market openness to revitalise trade in goods and services may enhance economic growth.