In the latest report for March 2023, job increases moderated slowing-down to 236,000 new positions according to the latest Labor Department figures. (Still above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment stood at 5.6 percent in March, consistent with seasonal spring work trends. [The new figure is down 1.0 basis points vs. Feb.; while also down 0.4 points from last March 2022]. Construction employment remained steady for the month in line with the prior 6 months.
General unemployment sank 0.1 to 3.5 percent. (“Unemployed persons” went down to 5.8 million per the government count). The “labor force participation rate” improved by 0.1 to 62.6 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 a small increase to 60.4 percent. [Both measures haven’t reached their pre-Covid levels yet, if people were actually seeking jobs, the unemployment rate would be approximately 5.0% ]. Average hourly earnings continues to increase, now standing at $28.50 for private sector production and nonsupervisory employees.
SEE Workforce Statistics Chart