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U.S. Adds 236k Jobs in March; Unemployment Rate Drops to 3.5%
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US Payrolls rise by 236k in March 2023, while unemployment rate dips to 3.5% and average hourly earnings increase.
Highlights
- 236k new jobs in March, unemployment rate dips to 3.5%
- Leisure and hospitality, government, professional services, and healthcare see employment growth
- Average hourly earnings for all employees rose by 0.3% to $33.18
Overview
According to a report by the U.S. Bureau of Labor Statistics, nonfarm payroll employment in the U.S. rose by 236,000 in March 2023, while the unemployment rate dipped to 3.5%. Employment in the leisure and hospitality, government, professional and business services, and healthcare sectors continued to rise.
The average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents, or 0.3%, to $33.18, while the average hourly earnings for private-sector production and nonsupervisory employees rose to $28.50. The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.4 hours in March.
The report also revised employment figures for January and February 2023, with employment in those months being 17,000 lower than previously reported.
Hispanic Unemployment Rate Decreases, Permanent Job Losses Rise in March
In terms of demographic groups, the unemployment rate for Hispanics decreased to 4.6% in March, while the unemployment rates for adult men and women, teenagers, Whites, Blacks, and Asians remained stable.
The number of unemployed persons who lost their jobs permanently rose by 172,000 to 1.6 million in March. While the number of reentrants to the labor force declined by 182,000 to 1.7 million. The labor force participation rate rose to 62.6%, while the employment-population ratio increased to 60.4%, both of which are below pre-pandemic levels.
In terms of industry sectors, employment in leisure and hospitality increased by 72,000 jobs, while government employment rose by 47,000. Employment in professional and business services rose by 39,000, and healthcare added 34,000 jobs. Meanwhile, transportation and warehousing, retail trade, and other major industries showed little change in employment.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
James Hyerczykauthor
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.
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