Friday, April 05, 2019

March Employment Report: 196,000 Jobs Added, 3.8% Unemployment Rate

by Calculated Risk on 4/05/2019 08:42:00 AM

From the BLS:

Total nonfarm payroll employment increased by 196,000 in March, and the unemployment rate was unchanged at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and in professional and technical services.
...
The change in total nonfarm payroll employment for January was revised up from +311,000 to +312,000, and the change for February was revised up from +20,000 to +33,000. With these revisions, employment gains in January and February combined were 14,000 more than previously reported.
...
In March, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $27.70, following a 10-cent gain in February. Over the past 12 months, average hourly earnings have increased by 3.2 percent.
emphasis added
Payroll jobs added per monthClick on graph for larger image.

The first graph shows the monthly change in payroll jobs, ex-Census (meaning the impact of the decennial Census temporary hires and layoffs is removed - mostly in 2010 - to show the underlying payroll changes).

Total payrolls increased by 196 thousand in March (private payrolls increased 182 thousand).

Payrolls for January and February were revised up 14 thousand combined.

Year-over-year change employmentThis graph shows the year-over-year change in total non-farm employment since 1968.

In March the year-over-year change was 2.537 million jobs.

The third graph shows the employment population ratio and the participation rate.

Employment Pop Ratio, participation and unemployment rates The Labor Force Participation Rate declined in March to 63.0%. This is the percentage of the working age population in the labor force.   A large portion of the recent decline in the participation rate is due to demographics and long term trends.

The Employment-Population ratio declined to 60.6% (black line).

I'll post the 25 to 54 age group employment-population ratio graph later.

unemployment rateThe fourth graph shows the unemployment rate.

The unemployment rate was unchanged in March at 3.8%.

This was above the consensus expectations of 169,000 jobs added, and January and February were revised up by 14,000 combined.  A solid report.

I'll have much more later ...