March US non-farm payroll employment up 303K, unemployment rate 3.8%

The number of unemployed people, at 6.4 million, changed little as well in March. The unemployment rate has been in a narrow range of 3.7 per cent to 3.9 per cent since August 2023.

The jobless rates for adult men (3.3 per cent), adult women (3.6 per cent), teenagers (12.6 per cent), and Whites (3.4 per cent) showed little or no change over the month.

The number of long-term unemployed (those jobless for 27 weeks or more), at 1.2 million, was little changed in March. The long-term unemployed accounted for 19.5 per cent of all unemployed people, a BLS release said.

Both the labour force participation rate, at 62.7 per cent, and the employment-population ratio, at 60.3 per cent, were little changed in March.

The number of people employed part time for economic reasons, at 4.3 million, changed little in March as well. These individuals were working part time because their hours had been reduced or they were unable to find full-time jobs.

In March, employment in government increased by 71,000, higher than the average monthly gain of 54,000 over the prior 12 months. Over the month, employment increased in local government (plus 49,000) and federal government (plus 9,000).

In March, employment was little changed in retail trade (plus 18,000). A job gain was recorded in general merchandise retailers (plus 20,000).

Fibre2Fashion News Desk (DS)