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Home Economy

303,000 jobs added in March, unemployment rate edged down to 3.8% 

April 5, 2024
Reading Time: 2 mins read
ABA Data Bank: Labor market shows signs of easing in 2023

Total nonfarm payroll employment rose by 303,000 in March, the unemployment rate changed little at 3.8%, the U.S. Bureau of Labor Statistics reported today.  

Job gains occurred in health care, government, construction, leisure and hospitality, and social assistance. 

Health care added 72,000 jobs in March, above the average monthly gain of 60,000 over the prior 12 months. Job growth continued in ambulatory health care services (+28,000), hospitals (+27,000), and nursing and residential care facilities (+18,000). 

Government employment increased by 71,000, higher than the average monthly gain of 54,000 over the prior 12 months. Over the month, employment increased in local government (+49,000) and federal government (+9,000). 

Construction added 39,000 jobs in March, about double the average monthly gain of 19,000 over the prior 12 months. 

Employment in leisure and hospitality trended up in March (+49,000) and has returned to its pre-pandemic February 2020 level. Over the prior 12 months, job growth in the industry had averaged 37,000 per month. 

Employment in social assistance continued to trend up in March (+9,000), below the average monthly gain of 22,000 over the prior 12 months. 

In March, employment was little changed in retail trade (+18,000), A job gain in general merchandise retailers (+20,000) was partially offset by job losses in building material and garden equipment and supplies dealers (-10,000) and automotive parts, accessories and tire retailers (-3,000).  

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; and professional business services.  

Read the BLS release. 

Tags: Nonfarm jobs
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