On Friday April 5th, the U.S. Labor Department released their March Employment Report, beating expectations with 303,000 payrolls added, compared to the 214,000 projected. This report is stronger than previous February report and continue to indicate a labor market that favors job seekers.
Key Insights:
The March Employment report revealed 303,000 new payrolls created, beating expectations of 214,000. Showing a much stronger gain and overall report than the previous February report.
Gains were seen across 11 of 13 industries with both Manufacturing and Information staying stagnant, no industries reporting contraction. Industries seeing the highest gains were Education & Health Services, Government, & Construction, meaning that employers in these industries should be prepared for even tougher competition for top talent.
For more resources on recruiting in these industries, check out our construction, government, and healthcare resource centers.
The unemployment rate fell 0.1% in line with estimates, while the labor force participation rate grew by 0.2%. This is the first increase since it's decline in December 2023 from the post-pandemic high.
The gap between open jobs and available workers closes slightly with a gap of 2.3 million as compared to a previous 2.4 million gap in February. Regardless, this market continues to favor job seekers and present challenges for employers.
The employment report for March remains strong and suggests continued competition for top talent across most industries. If you need talent to serve your clients or grow your business the time to start searching is NOW!
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