April 22, 2022
In March, total nonfarm payroll employment increased by 431,000. The unemployment rate ticked down by 0.2% to 3.6% which is 6.0 million persons in March 2022. Notably, these measures are little different from their values in February 2020 (3.5% and 5.7 million, respectively), prior to the coronavirus (COVID-19) pandemic. The job growth was spread across various industries, with leading gains in leisure and hospitality, professional and business services, retail trade, and manufacturing.
Furthermore, among the major worker groups, the unemployment rates for adult women (3.3%) declined in March. The jobless rates for adult men (3.4%), teenagers (10.0%), Whites (3.2%), Blacks (6.2%), Hispanics (4.2%), and Asians (2.8%) showed little change over the month.
According to bea, among the unemployed, the number of permanent job losers declined by 191,000 to 1.4 million persons in March and is little different from its February 2020 level of 1.3 million person. The number of persons on temporary layoff was little changed over the month at 787,000 and has essentially returned to its February 2020 level. Additionally, the long-term unemployed accounted for 23.9% of all unemployed persons in March. In March, the number of long-term unemployed (those jobless for 27 weeks or more) decreased by 274,000 to 1.4 million persons.
Notably, the number of persons on temporary layoff was at 787,000 in March. The number of permanent job losers declined to 1.4 million. The number of persons not in the labor force who currently want a job increased by 382,000 to 5.7 million in March. A total of 1.4 million individuals were slightly attached to the labour force. Of the marginally attached, 373,000 persons were classified as discouraged workers in March.
The labour force participation rate for March 2022 stood at 62.4%, while the employment-population ratio changed little to 60.1%. Nonetheless, persons employed part-time for economic reasons stood at 4.2 million in March. Based on BLS assessment, “these individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.”
Total nonfarm payroll employment rose by 431,000 in March but is down by 1.6 million, or 1%, from pre-pandemic level in February 2020. Job growth averaged 562,000 per month in the first quarter of 2022. In the pass month professional and business services added 102,000 jobs in March 2022. Employment in leisure and hospitality continued to trend up in March (+112,000). Retail trade added 49,000 over the month. Additionally, employment in social assistance added 25,000 and construction added 19,000. Other sectors such as health care (+8,000), Financial activities (+16,000), and Manufacturing (+38,000) added to total employment. While employment in transportation and warehousing reduced by 1000 also, there was little changed shown in mining, wholesale trade, information, other services, and government.
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