{"id":171553,"date":"2025-04-05T02:20:38","date_gmt":"2025-04-05T02:20:38","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/u-s-economy-added-228000-jobs-in-march\/"},"modified":"2025-04-05T02:20:38","modified_gmt":"2025-04-05T02:20:38","slug":"u-s-economy-added-228000-jobs-in-march","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=171553","title":{"rendered":"U.S. Economy Added 228,000 Jobs in March"},"content":{"rendered":"


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The U.S. job market unexpectedly accelerated in March, while the figures for January and February were revised downward substantially. The unemployment rate ticked up slightly to 4.2% in March, from 4.1% the previous month. This month\u2019s jobs report highlights the continued resilience of the labor market despite sticky inflation<\/a>, a drop in consumer confidence<\/a>, mass federal government layoffs, and growing economic uncertainty.<\/p>\n

Noticeably, residential construction employment has shown signs of weakness in recent months. In March, the six-month moving average of job gains for residential construction turned negative for the first time since August 2020. It reflects three significant drops in employment: 8,400 jobs in October 2024, 6,700 jobs in January 2025, and 9,800 jobs in March 2025. Additionally, the construction job openings rate<\/a> has returned to 2019 levels, driven by a slowdown in construction activity.<\/p>\n

In March, wage growth slowed. Year-over-year, wages grew at a 3.8% rate, down 0.3 percentage points from a year ago. Wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases.<\/p>\n

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National Employment<\/strong><\/h3>\n

According to the Employment Situation Summary<\/a> reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose by 228,000 in March, following a downwardly revised increase of 117,000 jobs in February. Since January 2021, the U.S. job market has added jobs for 51 consecutive months, making it the third-longest period of employment expansion on record.<\/p>\n

The estimates for the previous two months were revised down. The monthly change in total nonfarm payroll employment for January was revised down by 14,000 from +125,000 to +111,000, while the change for February was revised down by 34,000 from +151,000 to +117,000. Combined, the revisions were 48,000 lower than previously reported.<\/p>\n

The unemployment rate rose to 4.2% in March. While the number of employed persons increased by 201,000, the number of unemployed persons increased by 31,000.<\/p>\n

Meanwhile, the labor force participation rate\u2014the proportion of the population either looking for a job or already holding a job\u2014rose one percentage point to 62.5%. For people aged between 25 and 54, the participation rate decreased two percentage points to 83.3%. While the overall labor force participation rate remains below its pre-pandemic levels of 63.3% at the beginning of 2020, the rate for people aged between 25 and 54 has been trending down since it peaked at 83.9% last summer.<\/p>\n

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In March, employment rose in health care (+54,000), social assistance (+24,000), and transportation and warehousing (+23,000). Employment in retail trade also added 24,000 jobs in March, partially reflecting the return of workers from a strike. However, within the government sector, federal government employment saw a decline of 4,000, following a loss of 11,000 jobs in February. The BLS notes that \u201cemployees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.\u201d<\/p>\n

Construction Employment<\/strong><\/h3>\n

Employment in the overall construction sector increased by 13,000 in March, following a gain of 14,000 in February. While residential construction saw a decline of 9,800 jobs, non-residential construction employment added 22,300 jobs for the month.<\/p>\n

Residential construction employment now stands at 3.4 million in March, broken down as 958,000 builders and 2.4 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was -2,883 a month, mainly reflecting the three months\u2019 job loss over the past six months (October 2024, January 2025 and March 2025). Over the last 12 months,\u00a0home builders and remodelers\u00a0added 14,000 jobs on a net basis. Since the\u00a0low point following the Great Recession, residential construction has gained\u00a01,367,600 positions.<\/p>\n

In March, the unemployment rate for construction workers declined to 4.3% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic.<\/p>\n

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The U.S. job market unexpectedly accelerated in March, while the figures for January and February were revised downward substantially. The unemployment rate ticked up slightly to 4.2% in March, from 4.1% the previous month. 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