98,000 jobs added to the Economy in March

Posted by Paladin on April 07, 2017

The Latest From the BLS Employment Report:

The third jobs report of 2017 showed that the economy continues to trend positively. The Labor Department reports that 98,000 jobs were added in March. The unemployment rate dropped to noticeable 4.5 percent, down .2 percent from last month.

The change in total nonfarm payroll employment for January was revised down from 238,000 to 216,000. The numbers for February were revised down from 235,000 to 219,000. With these revisions, employment gains in January and February combined were 38,000 less than previously reported. Job gains have averaged 178,000 over the past three months.

With the unemployment rate at a new post-crisis low, and the rise in wages of 0.2 percent over last month and 2.7 percent over the prior year, this jobs report is solid. The broader underemployment rate, which reflects not only those out of work but those working part-time that would prefer full-time work, fell to 8.9 percent after hitting 9.2 percent in February, which also marks a new post-crisis low.


Economists’ predictions

Economists predicted 180,000 additions ahead of this morning’s jobs report and the report fell short of expectations with 98,000 jobs added. While the actual number of jobs added was lower than the predicted number of 180,000, the dip in the unemployment rate is encouraging.

This Month’s Jobs Report

Let’s break down the numbers from this month’s jobs report

In March, hourly wages increased by $0.05 to $26.14 per hour, following a 7 cent increase in February. This brings the year-over-year wage percentage increase to 2.7 percent. The unemployment rate saw a slight downtick to 4.5 percent.

Wages

  • $26.14 March
    • 0.05 month-over-month
    • 2.7% year-over-year
  • $26.09 February

Unemployment

  • 4.5% March
    • -0.2% month-over-month
  • 4.7% February

National Unemployment Rate

March 2015-2017

In-Depth Look: Our Industries

Let’s take a look at how creative and marketing industries are performing.

Manufacturing

  • Month-over-month change: 11,000
  • 37,000 jobs added year-over-year

Administrative and support services

  • Month-over-month change: 32,700
  • 270,200 jobs added year-over-year

Advertising and related services

  • Month-over-month change: 500
  • 3,800 jobs added year-over-year

Professional and business services

  • Month-over-month change: 56,000
  • 639,000 jobs added year-over-year

Publishing industries, except Internet

  • Month-over-month change: 200
  • 100 jobs added year-over-year

Hospitals

  • Month-over-month change: 8,700
  • 112,100 jobs added year-over-year

Data processing, hosting and related services

  • Month-over-month change: 0
  • 2,100 jobs added year-over-year

Construction

  • Month-over-month change: 6,000
  • 177,000 jobs added year-over-year

Specialized design services

  • Month-over-month change: 400
  • 6,900 jobs added year-over-year

Transportation and warehousing

  • Month-over-month change: 3,500
  • 88,700 jobs added year-over-year

Office administrative services

  • Month-over-month change: 3,100
  • 27,900 jobs added year-over-year

Health care

  • Month-over-month change: 13,500
  • 355,200 jobs added year-over-year

Motion picture and sound recording industries

  • Month-over-month change: -2,000
  • -10,600 jobs lost year-over-year

Posted in: Employers, Job Seekers, Jobs Reports

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