Feds Report Strong Jobs Numbers

By Staff Writer April 05, 2022 374

Total nonfarm payroll employment rose by 431,000 in March, and the unemployment rate declined to 3.6 percent, the U.S. Bureau of Labor Statistics reported recently. Notable job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing.

This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics.

The unemployment rate declined by 0.2 percentage point to 3.6 percent in March, and the number of unemployed persons decreased by 318,000 to 6.0 million. These measures are little different from their values in February 2020 (3.5 percent and 5.7 million, respectively), prior to the coronavirus (COVID-19) pandemic.

Among the major worker groups, the unemployment rate for adult women (3.3 percent) declined in March. The jobless rates for adult men (3.4 percent), teenagers (10.0 percent), Whites (3.2 percent), Blacks (6.2 percent), Asians (2.8 percent), and Hispanics (4.2 percent) showed little change over the month.

Among the unemployed, the number of permanent job losers decreased by 191,000 to 1.4 million in March and is little different from its February 2020 level of 1.3 million.

The number of persons on temporary layoff was little changed over the month at 787,000 and has essentially returned to its February 2020 level. The number of job leavers—that is, unemployed persons who quit or voluntarily left their previous job and began looking for new employment--fell by 176,000 to 787,000 in March.

In March, the number of long-term unemployed (those jobless for 27 weeks or more) decreased by 274,000 to 1.4 million. This measure is 307,000 higher than in February 2020. The long-term unemployed accounted for 23.9 percent of all unemployed persons in March.

The labor force participation rate, at 62.4 percent, changed little in March. The employment-population ratio increased by 0.2 percentage point to 60.1 percent. Both measures remain below their February 2020 values (63.4 percent and 61.2 percent, respectively).

The number of persons not in the labor force who currently want a job increased by 382,000 to 5.7 million in March, following a decrease of a similar magnitude in the prior month. This measure is above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the four weeks preceding the survey or were unavailable to take a job.

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Last modified on Monday, 11 April 2022 16:22