Employment Trends
Source: Express Employment Professionals, Employment Trends, March 2024
Unemployment Rate: 3.9%
The unemployment rate increased 0.2 percentage points and total nonfarm payroll employment rose by 275,000 in February. The labor force participation rate was 62.5% for the third consecutive month. Average hourly earnings for all employees edged up by 5 cents to $34.57, and the average workweek increased by 0.1 hours to 34.3 hours. Industries that saw increases in employment include healthcare, government, and food services and drinking places.
According to the American Staffing Association, temporary help employment was 1.74% of total nonfarm employment in January.
MAJOR INDUSTRY EMPLOYMENT
- Notable Gains and Losses
- Healthcare and Social Assistance: +90,700
- Leisure and Hospitality: +58,000
- Government: +52,000
- Construction: +23,000
- Transportation and Warehousing: +19,700
- Retail Trade: +18,700
- Temporary Help Services: -15,400
- Manufacturing: -4,000
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