The March 2022 jobs report is in and it provides us with plenty of data about the unemployment rate in the U.S.
Let’s dive into all of that information below!
- First off, note that the unemployment rate for March 2022 dropped to 3.6% in the jobs report.
- This comes with a .2% decrease in unemployment.
- That was due to an increase in total nonfarm payroll employment of 431,000.
- That leaves roughly 6 million people in the U.S. still unemployed.
- Areas that saw an increase in jobs include “leisure and hospitality, professional and business services, retail trade, and manufacturing.”
- Those long-term unemployed decreased by 274,000 to 1.4 million during the March 2022 jobs report.
- Breaking down the major work groups, unemployment was 3.3% for women, 3.4% for men, 10% for teenagers, 3.2% for Whites, 6.2% for Blacks, 2.8% for Asians, and 4.2% for Hispanics.
- Teleworking from the pandemic is winding down with only 10% of employees doing so during March, as compared to 13% in February.
- 2.5 million people reported being unable to work in March because their employer closed or lost business due to the pandemic.
- For comparison, that number was 4.2 million for the prior month.
Daniel Zhao, a senior economist at Glassdoor, said the following to CNBC about the March 2022 jobs report.
“As the labor market continues to expand and more options are available, that helps workers who are traditionally the last to return to the workforce, which includes workers who are unemployed for long periods of time.”
Hopefully, this is a good sign that unemployment will continue to decrease in the coming months. We’ll have to wait until April to see if that continues on the next jobs report.
Investors looking for more stock market news today will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
