This Employment Blog is taken from the U S Department of Labor, Bureau of Labor Statistics. Nonfarm payroll employment rose by 431,000 in March, and the unemployment rate declined by 0.2 percentage point to 3.6 percent. Notable job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing. Job growth averaged 562,000 per month in the first quarter of 2022, the same as the average monthly gain for 2021. However, employment is down by 1.6 million, or 1.0 percent, from its February 2020 level before the onset of the coronavirus (COVID-19) pandemic.
Leisure and hospitality continued to add jobs in March (+112,000). Job gains occurred in food services and drinking places (+61,000) and accommodation (+25,000). Employment in leisure and hospitality is down by 1.5 million, or 8.7 percent, from its February 2020 level.
In March, job growth continued in professional and business services (+102,000). Employment increased in services to buildings and dwellings (+22,000), accounting and bookkeeping services (+18,000), management and technical consulting services (+15,000), computer systems design and related services (+12,000), and scientific research and development services (+5,000). Employment in professional and business services is 723,000 higher than its February 2020 level.
Employment in retail trade rose by 49,000 in March. Job gains occurred in general merchandise stores (+20,000) and food and beverage stores (+18,000). Retail trade employment is 278,000 higher than in February 2020.
In March, manufacturing added 38,000 jobs. Employment rose by 22,000 in durable goods industries, with gains in transportation equipment (+11,000) and electrical equipment and appliances (+4,000). Nonmetallic mineral products lost jobs (-5,000). Nondurable goods added 16,000 jobs in March, including a gain in chemicals (+7,000). Manufacturing employment is 128,000 below its February 2020 level.
In March, employment in social assistance increased by 25,000, with most of the gain in individual and family services (+18,000). Employment in social assistance is down by 126,000 since February 2020.
Construction employment continued to trend up in March (+19,000) and has returned to its February 2020 level.
Employment in financial activities grew by 16,000 in March, with job gains occurring in real estate and rental and leasing (+14,000) and in securities, commodity contracts, and investments (+5,000). Employment in financial activities is 41,000 higher than in February 2020.
Health care employment changed little in March (+8,000), following a large increase in the prior month (+66,000). Employment in the industry is 298,000 below its February 2020 level.
In March, employment was essentially unchanged in transportation and warehousing (-1,000), following large increases in January (+53,000) and February (+70,000). Employment in transportation and warehousing is 608,000 above its February 2020 level, with particularly strong growth in warehousing and storage (+446,000) and couriers and messengers (+248,000). Employment showed little change over the month in other major industries, including mining, wholesale trade, information, other services, and government.
Real average hourly earnings for all employees decreased 0.8 percent from February to March,
seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an
increase of 0.4 percent in average hourly earnings combined with an increase of 1.2 percent in the Consumer Price Index for All Urban Consumers (CPI-U). Real average weekly earnings decreased 1.1 percent over the month due to the change in real average hourly earnings combined with a decrease of 0.3 percent in the average workweek. Real average hourly earnings decreased 2.7 percent, seasonally adjusted, from March 2021 to March 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.6-percent decrease in real average weekly earnings over this period.