Job numbers in March maintained pace with another sizable 431,000 new positions according the latest Labor Department figures. (This is more than 2.5x above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment remained dipped to 6.0 percent in March, in consistent with improving seasonal weather trends. [The new figure is down 0.7 basis points vs. February ‘22 level; while being down by 2.6 points from the pandemic/shutdown induced 8.6% figure of last March 2021]. Employment in construction continued to trend up in March (+19,000) and has finally returned to its February 2020 level.
The overall unemployment figure fell to 3.6 percent. (“Unemployed persons” also slipped to 6.0 million per the government count). The “labor force participation rate” increased to 62.4 percent. [NOTE: The “labor force participation” rate “typically” works inversely to the overall unemployment figures. Meaning: as it deteriorates/gets worse or smaller, it actually is counted as improving unemployment (i.e., people leaving the workforce are no longer counted as unemployed by the DOL). The “employment to population ratio” experienced another upward movement of 0.2 to 60.1 percent. Average hourly earnings level has continued its long steady incremental climb, now standing at $27.06 for private sector production and nonsupervisory employees.
SEE Workforce Statistics Chart