The U.S. Bureau of Labor Statistics reported this morning that 126k nonfarm payrolls were added during the month of March. This follows revised payrolls gains of 264k in February and 201k in January.
The Professional Services industry added the most jobs in March.
The Education and Health Services industry, the Leisure and Hospitality industry, and the Professional Services industry have contributed the most to job gains over the last 8 years. The Construction and Manufacturing sectors have had the most difficulty recovering from the economic downturn.
The household survey shows that 190k full-time jobs were added in March, while part-time employment decreased by 170k. Since November 2007, when the household survey showed peak employment, full-time jobs have decreased by 0.9 million and part-time jobs have increased by 2.5 million.
Part-time employees made up 18.41% of the workforce in March, down from 18.52% in February.
Those part-time for economic reasons, workers who would prefer to be full-time but are involuntarily part-time, as a share of those part-time for noneconomic reasons was 34.0%, up from 33.4%.
The unemployment rate (U-3) was 5.5% in March, unchanged from February. The broader unemployment rate (U-6) decreased to 10.9% from 11.0%.
The spread between the U-6 and U-3, or underemployment spread, decreased to 5.4% from 5.5%.
Youth unemployment continues to be volatile.
Unemployment for those with less than a high school diploma increased to 8.6%.
Blacks continue to experience the highest unemployment rate at 10.1%.
The labor force participation rate decreased to 62.7% from 62.8%, while the employment-to-population ratio was unchanged at 59.3%.
Participation among men decreased to 69.3% from 69.4% and participation among women decreased to 56.6% from 56.7%.
The participation rate for prime age workers (25-54) fell to 80.9% from 81.0%.
Since the total participation rate peaked in August 2008, participation has only risen in the 55+ age bracket.
Average weekly hours worked by production and supervisory employees decreased to 33.7 from 33.8, while average hourly earnings increased to $20.86 from $20.82. Average hourly earnings have increased 1.76% from a year ago.
Average duration of unemployment in March was 30.7 weeks, down from 31.7. This metric reached a high of 40.7 in 2011, and is still elevated by historical standards.
Of those unemployed, 44.3% have been so for 15 weeks or longer.
Annual employment growth against real GDP growth: