By Tom Burnett CFA
On April 1, 2022, the Bureau of Labor Statistics announced the employment situation for March 2022. Total nonfarm payroll employment rose by 431,000 and the unemployment rate fell from 3.8% to 3.6%. The number of unemployed persons fell by 318,000 to 6.0 million. In February 2020, prior to the Covid-19 outbreak, these measures were 3.5% and 5.7 million. Total employment is now 158.4 million, very close to the 158..7 million figure in February 2020. The labor force participation rate is now 62.4%, compared to 63..4% in February 2020. The January-February figures were revised upward by a total of 95,000. Overall, job growth averaged 562,000 a month in the first quarter of 2022.
Manufacturing added 38,000 jobs in March, but the total stood 128,000 lower than the February 2020 amount.
Average hourly earnings for all workers on private nonfarm payrolls rose by $0.13 to $31.73. That figure has increased by 5.6% from one year ago.
The next employment report will be issued on May 6, 2020.
Tom Burnett CFA is Director of Research