By Tom Burnett CFA
On April 5, 2024, the Bureau of Labor Statistics released its Employment Report for March 2024. Total nonfarm payroll employment rose by 303,000 in March, well above the 231,000 monthly average for the previous 12 months. The unemployment rate remained at 3.8%. Some 6.4 million workers were seeking jobs compared to 8.8 million job openings from the latest Openings Report issued on April 2, 2024.
Average hourly earnings for nonfarm payroll employees rose $0.12 to $34.69, up 4.1% from one year ago.
The January and February employment numbers were revised upwards by a total of 22,000 from prior reports.
The next Employment Report will be issued on May 3, 2024.
Tom Burnett CFA is Director of Research