The U.S. Bureau of Labor Statistics reported Friday that total nonfarm payroll employment in March rose by 303,000, with the unemployment rate remaining stable at 3.8 percent. The increase in jobs was led by gains in health care, government, and construction sectors.
The unemployment rate has hovered between 3.7 percent and 3.9 percent since August 2023, according to household survey data. The rate for Black workers rose to 6.4 percent, while it decreased for Asians to 2.5 percent and Hispanics to 4.5 percent. Rates for adult men (3.3 percent), adult women (3.6 percent), teenagers (12.6 percent), and Whites (3.4 percent) saw minimal changes.
“The number of long-term unemployed was little changed at 1.2 million in March, making up 19.5 percent of the unemployed,” the Bureau of Labor Statistics noted. Labor force participation rate and the employment-population ratio were also steady, at 62.7 percent and 60.3 percent, respectively.
In the establishment survey data, health care added 72,000 jobs, significantly above its 12-month average. Government employment increased by 71,000, with local government seeing a significant boost. Construction added 39,000 jobs, doubling its average monthly gain over the past year.
Leisure and hospitality employment trended up, adding 49,000 jobs and reaching its pre-pandemic level. Meanwhile, employment in the retail trade saw little change, with a gain in general merchandise retailers being partially offset by losses in building material and garden equipment supplies dealers and automotive parts retailers.
Average hourly earnings rose by 12 cents to $34.69, representing a 4.1 percent increase over the past year. The average workweek for all employees edged up slightly.
January’s employment gains were revised up by 27,000, while February’s numbers were revised down by 5,000, leading to a net revision of 22,000 more jobs than previously reported.
Although Democratic officials and backers of the Biden Administration were quick to tout the jobs report as an indicator of his successful economic policies, others were less sanguine.
ZeroHedge, a major financial news and opinion blog, released its own chart analysis showing that the vast majority of increased employment came from part-time employment, while full-time jobs actually declined.
The next Employment Situation report is scheduled for release on May 3, 2024.
<span class="dsq-postid" data-dsqidentifier="27228 https://www.themainewire.com/?p=27228">4 Comments
How can that Zero Hedge chart be valid? The numbers do not align and the m/m tracking does not work that way.
Just what we need. More gov’t jobs!
Unemployment rates may be below 4% but anyone who’s tried to hire a contractor, dine in a restaurant, shop in stores, or stay in a hotel knows that there’s an growing sector of working age adults that just don’t bother working now. And then there’s work ethics; showing up, being reliable, and caring about the job… That’s died too.
The same type of governments who’s populations turned out shoddy goods like Trabants, Yugos, or faltering crop production is establishing itself here
Government employment— useless bureaucrats paid by taxing people that actually produce. Not sustainable.