The March 2024 Jobs Report shows the unemployment rate dropped slightly to 3.8% in March, compared to 3.9% in February. This is the 26th consecutive month the unemployment rate has remained below 4.0%. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 303,000, which was higher than predicted. The number of unemployed people increased to 6.4 million, compared to 6 million a year ago.
The unemployment rate for college-degreed professionals 25 years and older decreased slightly to 2.1%, compared to 2.2% the prior month. The unemployment rate for job seekers with some college or an associate degree increased from 3.1% to 3.4%.
The labor force participation rate was 62.7%, changing little from the previous four months. The employment-population ratio showed a slight change to 60.3%. In March, employment trended up in the categories of health care, government, and construction.
Jobs added by industry:
- Health Care: 72,000 jobs added
- Government: 71,000 jobs added
- Construction: 39,000 jobs added
- Leisure & Hospitality: 49,000 jobs added
Based upon jobs added, Construction doubled the monthly average gain over the past 12 months. Gains in Leisure & Hospitality have returned to pre-pandemic February 2020 levels. Employment showed little change over the month in other major industries, including Retail Trade; Manufacturing; Information; Financial Activities; and Professional and Business Services.
Wage Growth Increases Slightly
In March, average hourly earnings for all employees on private nonfarm payrolls edged up by 12 cents to $34.69, following an increase of 5 cents in February. Average hourly earnings were up by 0.2% in March and 4.1% over the year.
Reimagining how we hire and retain employees.
The hiring market remains challenging and finding and retaining employees continues to be top of mind for many employers. At Roth Staffing Companies, we are reimagining how we hire and how employees stay engaged by leveraging our new strengths finder tool, TalentSet, powered by The Coffman Organization. TalentSet uncovers one’s top talents and gives insight into what motivates someone or drives momentum, something you can’t uncover from a resume or online profile.
Find more U.S. hiring, labor market, and salary trends with our 2024 Salary Guide
Whether it’s administrative, legal, technology or finance and accounting staff, how can you attract and retain the best employees in today’s complex employment market? Get insights and information on the trends that will impact hiring including company culture and the balance of generations in the workforce and how you can become an employer of choice – plus the latest salary data for markets throughout the U.S.
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When it comes to hiring, don’t disregard the importance of Soft Skills
Technical skills are important to get the job done, but increasingly important to success are soft skills like communication, leadership and empathy. Check out our eBook – Soft Skills: The critical factor in hiring talent to move your business forward. Download our guide here.
Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.
Sources: BLS, CNBC
