Quick Facts:
- Total nonfarm payroll employment rose by 303,000 in March, and the unemployment rate changed little at 3.8 percent.
- Both the unemployment rate, at 3.8 percent, and the number of unemployed people, at 6.4 million, changed little in March.
- Job gains occurred in health care, government, and construction.
- The number of long-term unemployed (those jobless for 27 weeks or more), at 1.2 million, was little changed in March. The long-term unemployed accounted for 19.5 percent of all unemployed people.
- In March, the number of people not in the labor force who currently want a job, at 5.4 million, was little changed.
Looking Forward:
- The March jobs report confirms the labor market remains resilient, despite high interest rates and slowing economic indicators. The U.S. labor market added 303,000 jobs in March, representing an acceleration in the pace of hiring. January’s nonfarm payroll gains were upwardly revised to 256,000, while February’s nonfarm payroll gains were revised down to 270,000.
- The number of job openings in February rose slightly to 8.76 million from 8.75 million the prior month, according to the BLS Job Openings and Labor Turnover Summary report released this week. This keeps the jobs opening rate unchanged at 5.3%.
- A string of positive gains has kept unemployment below 4% since January 2022, though there have been some signs of cracks. For instance, the level of household employment had grown only modestly over the past year, while temporary employment has declined sharply.
- Markets have been keeping close watch over the employment data particularly as the Federal Reserve weighs its next moves on monetary policy. Stocks have tumbled this week amid concerns that a strong labor market and resilient economy could keep the central bank on hold for longer than expected.
Source: U.S. Bureau of Labor Statistics – The Employment Situation – March 2024
