FAQs

1. What was the unemployment rate in March?

The unemployment rate in March was 4.2%, slightly up from the previous month’s rate of 4.1%.

2. Which sector saw a decline in jobs in March?

Residential construction sector saw a decline in jobs with the six-month moving average of job gains turning negative for the first time since August 2020.

3. How did wage growth fare in March?

In March, wage growth slowed with year-over-year wages growing at a rate of 3.8%, down 0.3 percentage points from the previous year.

4. How did the overall job market perform in March?

Total nonfarm payroll employment rose by 228,000 in March, following a downwardly revised increase of 117,000 jobs in February.

Conclusion

The U.S. job market showed unexpected acceleration in March with an increase in total nonfarm payroll employment and a slight uptick in the unemployment rate. Despite challenges such as inflation, consumer confidence, and economic uncertainty, the labor market continues to display resilience. However, there were signs of weakness in the residential construction sector with job losses and a decline in the job openings rate. Wage growth slowed in March, but remains above inflation rates. Overall, the job market’s performance reflects the ongoing impact of various factors on the economy and the labor force.