April 6, 2018

March 2018 Jobs Report

Unemployment Rate: 4.1 percent

Jobs Created: 103,000

Employment and Unemployment

  1. The Department of Labor reported an unemployment rate of 4.1 percent for March, unchanged from the previous five months.

  2. For March, the report shows an increase of 103,000 nonfarm jobs, with gains in manufacturing, mining, and health care. Jobs were revised down by 63,000 for January but up by 13,000 for February, for a net downward revision of 50,000.

  3. The U.S. has created 605,000 new jobs since the Tax Cuts and Jobs Act became law. The economy has created 3,145,000 new jobs since President Trump was elected in November 2016.

  4. The “real” unemployment or U-6 rate is 8.0 percent, which is 0.2 percent lower over the month and down 0.8 percent since March 2017. The U-6 figure represents both unemployed and underemployed workers.

  5. By this measure, 13.1 million Americans are unemployed. These are people who are unemployed (6.6 million), want work but have not looked for a job recently (1.5 million), or are working part time because they cannot find full-time employment (5.0 million). 

  6. The number of long-term unemployed, those unemployed for 27 weeks or more, was 1.3 million, about 75,000 less than in February. They account for 20.3 percent of the unemployed.

Labor Force Participation

  1. The labor force participation rate is 62.9 percent, down 0.1 percent from February and below the pre-recession rate of 66 percent.

Wages

  1. In March, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents to $26.82. It follows a 3-cent gain in February and a 2.7 percent or 71-cent gain over the year.

Issue Tags: Economy, Labor