By Tom Burnett CFA
On April 7 , 2023, the Bureau of Labor Statistics released its March 2023 Employment Report. Total nonfarm payroll employment rose by 236,000 in March to a seasonally adjusted 155.6 million. The number of unemployed workers was unchanged at 5.8 million. The unemployment rate remained at 3.5%; both the rate and the number of unemployed workers has changed little since early in 2022. Over the past six months, the average monthly employment gain is 334,000. Revisions to the January and February reports led to a net loss of 17,000 from prior reports. Employment levels in mining, manufacturing, and construction were little changed in March.
Average hourly earnings for all payroll employees rose by $0.09 to $33.18, up by 4.2% from the year earlier figure.
In the latest JOLTS report on Openings and Labor Turnover, the BLS reported total Openings of 9.8 million, down from a high of 11.2 million last fall.
The next Jobs report will be issued on May 5, 2023.
Tom Burnett CFA is Director of Research