Main points: 303,000 job growth when they were expecting 200,000. Unemployment rate slightly down to 3.8%. Labor participation rate pretty much unchanged like it has been all year. Year on year wage growth at 4.1% which is above year on year inflation. So slowly catching up. So overall very good report.
Also, for those who say that these numbers are always revised down later on, January revised upward by 27,000 but February revised down by 5000. So overall job growth was 22,000 higher than previously reported. So I’m sure everyone here will be happy with this report.
Among the major worker groups, the unemployment rate for Blacks (6.4 percent) increased in
March,
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. (See table A-12.)
In March, employment in government increased by 71,000, higher than the average monthly gain
of 54,000 over the prior 12 months. Over the month, employment increased in local government
(+49,000) and federal government (+9,000).
while the rates for Asians (2.5 percent) and Hispanics (4.5 percent) decreased
Health care added 72,000 jobs in March, above the average monthly gain of 60,000 over the
prior 12 months. In March, job growth continued in ambulatory health care services (+28,000),
hospitals (+27,000), and nursing and residential care facilities (+18,000).
Construction added 39,000 jobs in March, about double the average monthly gain of 19,000 over
the prior 12 months. Over the month, employment increased in nonresidential specialty trade
contractors (+16,000).
Employment in leisure and hospitality trended up in March (+49,000) and has returned to its
pre-pandemic February 2020 level. Over the prior 12 months, job growth in the industry had
averaged 37,000 per month.
What’s wrong with leisure and hospitality? Job growth there indicates that people are vacationing more. Which in turn means they have disposable income. That’s good.
