March’s jobs figures continued a more-of-the-same trend,
with increasing numbers of Americans flowing back into the labor force
after a long drought. The increase in labor force participation was
actually enough to push the unemployment rate up to 5 percent from 4.9
percent, a counterintuitively encouraging sign for an economy that needs
more adults participating in the workforce.
Here are five charts that show how the labor market fared last month.Jobs Added
Employers added 215,000 workers to payrolls in March, edging
out the median estimate of 210,000 from economists surveyed by
Bloomberg. That number continues a brisk pace of job creation, which has
averaged 209,000 over the past three months.
Wage Growth
Average hourly wages for most employees ticked up 0.3
percent on a month-over-month basis and 2.3 percent over the same time
last year. Though the monthly increase is encouraging, the
year-over-year gains dipped from the rise
Wage gains have been an enduring sore spot in the otherwise
booming labor market, keeping consistently below the historical 20-year
average of 3 percent since the end of the recession. Policymakers at the
Federal Reserve are keen to see wage growth pick up before normalizing
benchmark interest rates further.
Labor Force Participation
The share of the population working — or trying to work —
rose for the fourth month in a row, the first time that has happened
since 1992. After a long decline, labor force participation has only
recently begun to recover as workers who had been resigned to the
sidelines return to employment.
A more targeted measure that excludes retirement-age workers
also showed positive signs. The prime-age employment-to-population
ratio, measuring the employment of adults ages 25 to 54 years old,
lifted to 78 percent, continuing five months of consistent growth in the
closely watched metric.
Jobs By Industry
Hospitals, hotels and restaurants accounted for a
large share of the jobs added in March, with the leisure and
hospitality, transportation and utilities, and health and construction
sectors out front. But the manufacturing sector lost 29,000 jobs in
March, reflecting difficulties stemming from a strong dollar, which
hurts export demand.
The mining and logging sector, which includes the oil and
gas industries, continued its long decline, as low oil prices continued
to weigh on drillers and refiners.
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