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March Employment Report: 236 thousand Jobs, 3.5% Unemployment Rate


From the BLS:
Total nonfarm payroll employment rose by 236,000 in March, and the unemployment rate
changed little at 3.5 percent, the U.S. Bureau of Labor Statistics reported today.
Employment continued to trend up in leisure and hospitality, government, professional
and business services, and health care.

The change in total nonfarm payroll employment for January was revised down by
32,000, from +504,000 to +472,000, and the change for February was revised up by
15,000, from +311,000 to +326,000. With these revisions, employment in January and
February combined is 17,000 lower than previously reported.
emphasis added Click on graph for larger image.

The first graph shows the jobs added per month since January 2021.

Total payrolls increased by 236 thousand in March.  Private payrolls increased by 189 thousand, and public payrolls increased 47 thousand.

Payrolls for January and February were revised down 17 thousand, combined.

The second graph shows the year-over-year change in total non-farm employment since 1968.

In March, the year-over-year change was 4.15 million jobs.  Employment was up significantly year-over-year.

The third graph shows the employment population ratio and the participation rate.

The Labor Force Participation Rate increased to 62.6% in March, from 62.5% in February. This is the percentage of the working age population in the labor force.

The Employment-Population ratio increased to 60.4% from 60.2% (blue line).

I’ll post the 25 to 54 age group employment-population ratio graph later.

The fourth graph shows the unemployment rate.

The unemployment rate decreased in March to 3.5% from 3.6% in February.

This was close to consensus expectations; however, January and February payrolls were revised down by 17,000 combined.  

I’ll have more later …

Friday: Employment Report

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