Industry Insights

JobGet’s March Unemployment Update

By: Mariah Rogers
Apr 18, 2022 • 3 min read

JobGet’s March Unemployment Update

The March jobs report from the Bureau of Labor Statistics was stronger than expected, as Americans are once again dining out, shopping, and traveling at more normal levels. We predict these trends will continue as summertime rolls around and more people head off on vacations. We will continue to watch for how the war in Ukraine could impact price increases and other changes in the labor market.

JobGet Unemployment Report Mar (2)

Summary

The U.S. economy added 431,000 jobs in March, slower than February’s strong pace. At the same time,  job growth from Jan to Feb was revised upwards by a collective of 95,000 jobs. The biggest job gains for March were in the leisure and hospitality sector, which was most impacted by pandemic-related layoffs.

The total number of unemployed individuals fell from 6.3 million in February to 6.0 million in March. The number of people on temporary layoff has decreased, as well as the number of permanent job losers.

The U.S. economy added 431,000 jobs in March and 418,000 Labor Force increment coming back down the spike from Jan. Showing a sign that job seekers can land a job easier than before, and employers have an easier time finding their candidates.

Unemployment Breakdown

The overall unemployment rate fell to a new low of the pandemic—3.6%. When broken down by demographic group, the unemployment rates for most groups also fell. The unemployment rates for teens, Whites, Hispanics, Blacks, and Asians were all down from February.

Among service, sales & office, natural resources, construction and maintenance, and transportation and material moving occupations, unemployment rates are 2.2 to 4.8 percentage points lower than rates from February 2021. This month, the service industry experienced the greatest dip in unemployment numbers.

Industry and Earnings

Once again, the Leisure and Hospitality sector added the most jobs (112,000), accounting for 54% of total job gains. This industry has been the most impacted by COVID-related layoffs but has shown resilience during the Omicron wave. We are expecting to see this trend continue into the summer months as Americans travel more during the warm weather. The remainder of job gains were spread across a number of other sectors and were especially strong in Professional and Business Services, Healthcare, Construction, Transportation, and Warehousing.

Key Takeaways

The unemployment rate has continued to drop and finally met just above pre-pandemic levels. The workforce is strengthening which is a great sign for businesses gearing up for Summertime, especially as tourists utilize the leisure and hospitality industries, which as experienced an apparent growth over the month of March.

JobGet is proud to help hopeful job seekers land great positions on our platform. It is important that both candidates and employers have their needs met as we continue to navigate the pandemic job market. Download our app now!

 

 

 

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