March Jobs Report: US Adds 303,000 Jobs

The United States saw a significant increase in employment with 303,000 new jobs added in March, maintaining the unemployment rate at a stable 3.8%. This growth underscores the ongoing resilience and dynamism of the labor market.

Is the U.S. job market expanding?

March 2024 marked a notable period of job creation, with the economy adding 303,000 positions, reflecting the labor market’s robustness. This performance indicates sustained growth, with the unemployment rate holding steady within the narrow range of 3.7% to 3.9% observed since August 2023.

U.S. unemployment rates by group:

• Adult women: 3.6%
• Adult men: 3.3%
• Teenagers: 12.6%
• Whites: 3.4%
• Blacks: 6.4% (an increase)
• Asians: 2.5% (a decrease)
• Hispanics: 4.5% (a decrease)

Key employment statistics for March 2024:

• The number of long-term unemployed remained relatively unchanged at 1.2 million, accounting for 19.5% of the total unemployed population.
• Labor force participation rate was stable at 62.7%, with the employment-population ratio also showing little change at 60.3%.
• Part-time employment for economic reasons did not see significant variation, with about 4.3 million individuals in such positions.
• Approximately 5.4 million people were not in the labor force but wanted a job, maintaining consistency with previous months.
• The marginally attached workforce, including discouraged workers who believe no jobs are available for them, remained steady at 1.6 million and 337,000, respectively.

Sectors with significant job growth in March:

Healthcare

The healthcare sector led with 72,000 new jobs, continuing its growth trend in ambulatory health care services, hospitals, and nursing and residential care facilities.

Government

Government employment saw a substantial increase of 71,000 jobs, with local and federal government sectors contributing to this growth.

Leisure and Hospitality

This sector added 49,000 jobs, returning to its pre-pandemic level, with consistent growth observed over the past year.

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