Breaking Down the March Jobs Report
U.S. work growth slowed down in March but kept up at a steady pace, helped by an uptick in training at bars and restaurants.
Employers added 236 000 projects in March, according to the Labor Department’s’s monthly payment report, which was released on Friday and was largely in line with the 239,000 jobs that Refinitiv economists had predicted. The labor force participation rate rose to its highest level since before the pandemic started, while the unemployment rate ticked lower to 3.5 %.
Since December 2020, the quarterly job growth was at its lowest.
According to Sinem Buber, the lead analyst at ZipRecruiter,” there are obvious signs of a more broad-based decline in the report, with job gains becoming more just concentrated in fewer industries, and wage growth continuing to loosen.”
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A “now hiring” sign is displayed in front of a Chipotle restaurant Oct. 7, 2022, in Washington, D.C. (Anna Moneymaker/Getty Images / Getty Images)
The luxury and hospitality business, which was the hardest hit by the COVID-19 crisis, led the way in hiring last month, adding an additional 72, 000 people, despite the fact that job gains were broadly based. The majority of those benefits were attributed to bars and restaurants, which added 50 to 300 employees in March. Payrolls at hotels increased by 5,200, while 10,900 workers were hired at pleasure, betting, and recreation facilities.
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The leisure and hospitality sector still employs about 368, 000 people, or about 2.2 % of the population, below pre-pandemic levels.
The government, which saw a training increase of 47, 000 last month, was another significant source of work development in March. Local governments ( 26,000 ) and state governments ( 13,000 ) experienced significant hiring increases within the sector.
Another factor behind the reliable work state was hiring in the business and professional services sector. The sector employed about 39, 000 people in March, with the administrative and support services ( 13, 300 ), management, scientific and technical consulting services( 7, 600 ), accounting, tax preparation, bookkeeping, and other payroll services ( 5, 800 ) hiring ahead of the April 18 tax-filing deadline.
A construction crew works at a site near the U.S. Capitol on August 12, 2021, in Washington, D.C. ((Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) / Getty Images)
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Last month saw an increase in employment in other sectors as well, including transportation and warehousing ( 10, 400 ), social assistance ( 16, 900 ), private education ( 14, 600 ).
These additions made up for the financial sector’s’s drops, which resulted in the loss of 14, 600 workers in March. Those losses were caused by a decline in food and beverage retailers ( 6, 400 ) and furniture stores ( 8, 700 ). However, some of those drops were offset when department sites hired 14,800 workers next month.
According to Bill Adams, chief analyst at Comerica Bank, March’s’s job growth was the smallest monthly boost since December 2020 but was still positive. With winds concentrated in the tech sector, real estate, banking, and shop, acquiring is slowing.
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