March Jobs Growth About As Expected

April 4, 2014 05:35 AM

Non-farm employers added 192,000 payrolls in March, which was just shy of expectations for 200,000 jobs added, according to the U.S. Bureau of Labor Statistics. The unemployment rate held steady at 6.7%.

The Bureau of Labor notes, "both measures have shown little movement since December 2013. Over the year, the number of unemployed persons and the unemployment rate were down by 1.2 million and 0.8 percentage point, respectively." Average monthly job growth over the past year now stands at 183,000 per month.

The report also included upside revisions to the jobs data for January and February. Non-farm payroll employment was raised by 15,000 to 144,000 jobs added for January. The February figure was also increased from 175,000 payrolls added to 197,000 jobs added.

The number of long-term unemployed (those unemployed for 27 or more hours) held mostly steady in March at 3.7 million, or 35.8% of the those unemployed.

Both the civilian work force and total employment rose last month. But the Bureau notes, "The labor force participation rate (63.2%) and the employment-population ratio (58.9%) changed little over the month."

The average workweek increased by 0.2 hour in March to 34.5 hours, which offset a net decline the previous three months. On the other hand, average hourly earnings for all employees on private non-farm payrolls declined by a penny to $24.30, following a 9-cent rise in February.

The report notes that employment grew in the following sectors: professional and business services, health care, and in mining and logging.

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