Analysts were looking for something closer to 190,000, so this is a disappointment.
The 48K census jobs were below expectations (a result of slow hiring).
The unemployment rate stands at 9.7%.
U6 — so called real unemployment — ticked up to 16.9%.
January and February were both revised higher.
Workforce participation (people looking for jobs) also grew.
The markets that are are open today aren’t reacting much.
Futures are roughly flat. Bonds haven’t moved much.
Nonfarm payroll employment increased by 162,000 in March, and the unemployment
rate held at 9.7 per cent, the U.S. Bureau of labour Statistics reported today.
Temporary help services and health care continued to add jobs over the month.
Employment in federal government also rose, reflecting the hiring of temporary
workers for Census 2010. Employment continued to decline in financial activi-
ties and in information.
Household Survey Data
In March, the number of unemployed persons was little changed at 15.0 million,
and the unemployment rate remained at 9.7 per cent. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (10.0 per-
cent), adult women (8.0 per cent), teenagers (26.1 per cent), whites (8.8 per-
cent), blacks (16.5 per cent), and Hispanics (12.6 per cent) showed little or no
change in March. The jobless rate for Asians was 7.5 per cent, not seasonally
adjusted. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) in-
creased by 414,000 over the month to 6.5 million. In March, 44.1 per cent of
unemployed persons were jobless for 27 weeks or more. (See table A-12.)
The civilian labour force participation rate (64.9 per cent) and the employment-
population ratio (58.6 per cent) continued to edge up in March. (See table A-1.)
The number of persons working part time for economic reasons (sometimes re-
ferred to as involuntary part-time workers) increased to 9.1 million in March.
These individuals were working part time because their hours had been cut back
or because they were unable to find a full-time job. (See table A-8.)
About 2.3 million persons were marginally attached to the labour force in March,
compared with 2.1 million a year earlier. (The data are not seasonally adjusted.)
These individuals were not in the labour force, wanted and were available for
work, and had looked for a job sometime in the prior 12 months. They were not
counted as unemployed because they had not searched for work in the 4 weeks pre-
ceding the survey. (See table A-16.)
Among the marginally attached, there were 1.0 million discouraged workers in
March, up by 309,000 from a year earlier. (The data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they be-
lieve no jobs are available for them. The remaining 1.3 million persons margin-
ally attached to the labour force had not searched for work in the 4 weeks pre-
ceding the survey for reasons such as school attendance or family responsibili-
ties. (See table A-16.)
Establishment Survey Data
In March, nonfarm payroll employment rose by 162,000. Job growth continued in tem-
porary help services and in health care. Federal government employment increased
due to the hiring of temporary workers for Census 2010. Job losses continued in
financial activities and in information. (See table B-1.)
Temporary help services added 40,000 jobs in March. Since September 2009, tempor-
ary help services employment has risen by 313,000.
Employment in health care continued to increase in March (27,000), with the larg-
est gains occurring in ambulatory health care services (16,000) and in nursing and
residential care facilities (9,000).
In March, employment in mining increased by 8,000. Monthly job gains in mining
have averaged 6,000 over the past 5 months.
Employment in federal government was up over the month, reflecting the hiring of
48,000 temporary workers for the decennial census.
Manufacturing employment continued to trend up in March (17,000); the industry has
added 45,000 jobs in the first 3 months of 2010. Over the month, job gains were
concentrated in fabricated metal products (9,000) and in machinery (6,000).
Employment in construction held steady (15,000) in March. The industry had lost an
average of 72,000 jobs per month in the prior 12 months.
Over the month, employment changed little in transportation and warehousing,
leisure and hospitality, retail trade, and wholesale trade.
In March, financial activities shed 21,000 jobs, with the largest losses occur-
ring in insurance carriers and related activities (-9,000). Employment in the
information industry decreased by 12,000.
The average workweek for all employees on private nonfarm payrolls was up by
0.1 hour to 34.0 hours in March. The manufacturing workweek for all employees
increased by 0.2 hour to 39.9 hours, and factory overtime was up by 0.1 hour
over the month. In March, the average workweek for production and nonsuper-
visory employees on private nonfarm payrolls increased by 0.2 hour to 33.3
hours. (See tables B-2 and B-7.)
In March, average hourly earnings of all employees on private nonfarm payrolls
fell by 2 cents, or 0.1 per cent, to $22.47, following a 4-cent gain in February.
Over the past 12 months, average hourly earnings have risen by 1.8 per cent. In
March, average hourly earnings of private production and nonsupervisory employ-
ees fell by 2 cents, or 0.1 per cent, to $18.90. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for January was revised from
-26,000 to +14,000, and the change for February was revised from -36,000 to
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