United States Employment Rises by 431,000 in March 2022.
The job growth rate in February and January was adjusted upwards by 95,000.
The U.S. economy added 431,000 nonfarm pay employment in March 2022, while unemployment dropped to 3.6%. the jobless rate fell to 3.6 3.6%. “Notable” jobs growth was seen in leisure and hospitality and professional and retail trade, business services, manufacturing, and trade.
Additionally, the gains for March and January were adjusted upwards by 95,000.
The economists surveyed by Bloomberg had predicted jobs growth of 490,000 during March, and the unemployment rate is decreasing from 3.8 percent at the end of February and 3.7 percent in March.
Furthermore, these economists predicted the pace of wage growth to increase in March.
They expected a month-to-month rise of 0.4 percent for March (versus 0.0 percent during February) and year-over-year growth of 5.5 percent (versus 5.1 percent for February).
The actual figures in March are 0.4 percent and 5.6 percent, respectively.
Extensive Upward Revision for January and February
The gain in January 2022 was revised upwards by 23,000 from 481,000 to 54,000.
The growth for February was revised upwards in 72,000 increments, from 678,000 up to 750,000.
The report states: “Monthly revisions result from more reports from businesses and government departments since last released estimates, as well as from the calculation of seasonal variables.”
United States Employment Rises by 431,000 in March 2022
Unemployment Rate Drops
The March unemployment rate of 2022 of 3.6 percent was lower than 3.8 percent in February; however, the number of unemployed people decreased by 318,000, from 6.0 million. In February of 2020, before the epidemic of COVID-19 pandemic, the rate of unemployment was 3.5 percent, and the number of unemployed people was 5.7 million.
The Temporary Layoffs are Stable and Permanent Losses Down
For those without jobs, those who were on temporary layoffs were 787,000 in March 2022.
The number was not much changed from the entire month.
The number of permanent jobless was 1.4 million as of March 20, 2022, a decrease of 191,000 over February.
Before the pandemic in February 2020 were 780,000 and 1.3 million, respectively.
Long-Term Unemployment Drops
The number of long-term unemployed people (people who were unemployed for more than 27 weeks) fell by 274,000 units up to 1.4 million during March.
However, it is 30% higher than the pre-pandemic level at the end of February.
Long-term unemployed accounted for 23.9 percent of the total amount of jobless in March 2022.
The Labor Force Participation up marginally
The labor percentage of people employed for March stood at 62.4%, up from 62.3 percent in February.
The employment-to-population ratio also rose slightly, from 59.9% to 60.1%.
The pre-pandemic statistics in February of 2020 were 63.4 percent and 61.2 percent, respectively.
The number of job seekers who are likely to be hired Increases
The number of people who were not part of the workforce but wanted to get a job increased from 382,000 in March 2022 to 5.7 million by March 2022. The figure stood at 5.0 million at the time of February. The people who weren’t classified as unemployed weren’t actively seeking jobs in the period preceding the surveyor couldn’t find an offer. The number of dissatisfied workers who thought no job opportunities were available dropped between 391,000 and 373,000 by March.
Earnings Up, Working Hours Down
In March 2022, the average hourly wage for all employees working on private payrolls that are not on the farm increased by 13 cents (0.4 percent) in the range of $31.73.
The average hourly earnings have risen by 5.6 percent in the last twelve months.
In addition, the average working week for all employees working on private payrolls that are not on the farm fell from 0.1 hours in March to 34.6 hours over March.
The average week was 40.7 hours in the manufacturing sector, while overtime decreased by 0.1 hours from 3.4 hours.
The average workweek of nonsupervisory and production employees employed on nonfarm private payrolls fell by 0.1 minutes and amounted to 34.1 hours.
The most significant job gains by Industry
The greatest job growth in March 2022 was concentrated in these sectors such as leisure and tourism (+112,000 jobs) Professional and professional services (+102,000) retail trade (+49,000) manufacturing (+38,000) Social assistance (+25,000) Construction (+19,000) and financial activities (+16,000) in addition to health care (+8,000). These sectors added 369,000 new jobs, which is 85.6 percent of the march total of 431,000.
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