Hiring Trends: 431,000 new jobs added in March, unemployment falls slightly
Overall, hourly jobs are up 161% compared to pre-pandemic norms, seeing a 3% month-over-month decline, and a 44% year-over-year growth. Google searches for hourly jobs are up 30% from this time last year.
The March jobs report from the US Bureau of Labor Statistics brought more positive news about the recovery of our economy. But for US businesses looking to hire this summer, the tight labor market continues to be top of mind.
Best summarized by Bloomberg economists, “The recovery continues一yet businesses still struggle with hiring. With COVID cases down and services reopening, businesses can’t fill open jobs fast enough.”
Highlights from the March jobs report include:
Over 431,000 new jobs were added in March (estimates were expected to be closer to the 490,000 mark). For perspective, last month 750,000 new jobs were added.
The nation's monthly unemployment rate for March 2022 dropped to 3.6% and the number of unemployed people dropped by 318,000 to 6 million, nearing pre-pandemic numbers.
Wages advanced slightly for the month, up .4% (and up 5.6% from this time last year).
However, inflation is rising faster than wages, which is eating into the paychecks of employees and could cause workers to reconsider their job options.
Labor force participation (those working or looking for work) is currently at 62.4%. This figure includes the “prime-aged” category of workers 25-54, whose participation in the workforce is at a 2-year high. Women in this 25-54 age group reached the highest participation since June of 2020. However, the overall participation figure is down 1% from pre-pandemic numbers.
In March, women made up the majority of new employees.
In unemployment news, high school graduates without a college degree now have the lowest jobless rate since the pandemic began.
The best news for businesses looking to hire for summer is that women are gradually returning to the workforce, able to better navigate childcare issues and public health concerns. With the US economy now down just 1.6 million jobs from before the pandemic began, hopefully, more women (and in particular mothers) who choose to work will be able to participate. This will go a long way in helping fill the wide gap between available jobs and willing workers.
All industry data is from 3/2/20-04/05/2022
Here is the latest overall job numbers:
Overall jobs are up 161% compared to pre-pandemic norms, seeing a 3% month-over-month decline, and a 44% year-over-year growth. Google searches for hourly jobs are up 30% from this time last year.
Here are the latest job numbers by industry:
Food & Restaurant jobs are up 41% compared to pre-pandemic norms, seeing a 1% month-over-month gain, and a 10% year-over-year growth.
Hotel & Hospitality jobs are up 48% compared to pre-pandemic norms, seeing a 4% month-over-month gain, and a 3% year-over-year decline.
Healthcare jobs are up 96% compared to pre-pandemic norms, seeing a 7% month-over-month decline, and a 15% year-over-year gain.
Retail jobs are up 42% compared to pre-pandemic norms, seeing a 6% month-over-month decline, and a 15% year-over-year gain.
Warehouse & Production jobs are up 669% compared to pre-pandemic norms, seeing a 10% month-over-month gain, and a 199% year-over-year growth.
Google searches for hourly jobs are up 30% year-over-year.
The bottom line
We’ll continue to be your best resource for hourly job market insights as we collectively navigate towards our new normal and beyond.
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