Here are the highlights from last month (and some overall trends they're seeing for the first quarter of 2022):
5 Key Takeaways from the March 2022 U.S. Jobs Report:
The U.S. economy added 431,000 jobs in March—slightly below the 490,000 estimate, and well below the revised estimate of 750,000. It's not as strong as February's growth, but it's still solid.
The unemployment rate declined to 3.6% (a new pandemic-era low!)
The economy is now just 1.6 million jobs (or 1%) short of where it was in February 2020, before the pandemic hit, according to the BLS.
In March, women made up the majority of new employees. The number of unemployed women, as well as those not in the labor force, declined.
With March's numbers in, the first quarter of 2022 ended with nearly 1.7 million jobs added.
What does this mean for job searching and job seekers in March?
Job openings and the number of workers voluntarily leaving their positions remain near record highs, showing the demand for workers is the highest in decades
Many employers have complained about a shortage of candidates and are having to increase pay in order to retain and/or attract talent.
Between the ongoing worker shortage and rising prices for goods and services, wages are unlikely to come down any time soon.
Remote work is steadily declining in the U.S. as some Fortune 500 companies like Meta, Microsoft, and Goldman Sachs start to require some employees to return to the office.
The top industries adding jobs in March: leisure and hospitality (including restaurants, hotels, and amusement parks); professional and business services (especially accounting and bookkeeping staff, computer system designers, and management consultants); and retail trade. (See the chart below via CNBC.)
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Founder and CEO of Teal, Dave is a serial entrepreneur with 20+ years of experience building products & services to help people leverage technology and achieve more with less.