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Market Update

March U.S. Payroll Increase Lifts Private Payrolls to Record 116 Million

Author: Mukesh Buch
Last Update: 11:50 AM ET April 04 2014

The March month jobs data suggested a rebound in employment from the depths of the winter months, but the increase fell short of estimates. Almost all the gains in employment was driven by private payrolls.

Total nonfarm payrolls in March increased 192,000 and the unemployment rate was unchanged at 6.7%, the U.S. Bureau of Labor Statistics reported today.

Over the year, the number of unemployed persons declined by 1.2 million and the jobless rate fell 0.8 percentage point.

The increase in January data was revised higher to 144,000 from 129,000 and February payrolls were increased to 197,000 from 175,000. With the revisions, the gains in two months were 37,000 higher than previously estimated.

In March, employment grew in professional services, in healthcare, and in mining and logging.

Construction industry added 19,000 jobs in the month, professional and business services increased 57,000 jobs and healthcare expanded 19,000 jobs. Employment in food services and drinking places continued to trend up by 30,000.

Employment in government was unchanged and the decline of 9,000 in federal jobs was offset by 8,000 jobs increase in state and local government excluding education.

The average workweek for all employees on private non-farm payrolls increase by 0.2 hour to 34.5 hours and average hourly earnings decreased 1% to $24.30.

The employment in private payrolls surpassed pre-recession high 115.98 million in January 2008 to 116.09 million and the unemployment rate has declined to 6.7% form 8.2% in March 2012.

U.S. civilian labor force increased to 156.22 million with the participation rate of 63.2% and nearly 40 million are now employed by governments at all levels.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc