The March 2023 Jobs Report saw the unemployment rate change slightly to 3.5% in March from 3.6% in February. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 236,000, surpassing expectations, and the number of unemployed people changed little to 5.8 million.
Labor force participation increased to its highest level since before the pandemic.
The labor force participation rate continues to edge up slowly to 62.6% in March from 62.5% in February. Leisure and hospitality, government, professional and business services and health care saw notable job gains in March.
The unemployment rate for college-degreed professionals 25 years and older remained unchanged at 2.0%. Job seekers with some college or an associate degree saw a decrease in unemployment from 3.2% in February to 3.0% in March.
Jobs added by industry:
- Leisure and Hospitality: 72,000 jobs added
- Government: 47,000 jobs added
- Professional and Business Services: 39,000 jobs added
- Health Care: 34,000 jobs added
- Social Assistance: 17,000 jobs added
Wage growth rose by 9 cents in March 2023
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents or 0.3% to $28.50. Over the past 12 months, average hourly earnings have increased by 4.2%.
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Sources: BLS, CNBC