The March jobs report has been released and the Bureau of Labor Statistics reports steady growth from the previous month. Employment numbers increased, unemployment remained steady, and other indicators suggest that there is positive momentum building up. What’s the overall breakdown?
The Employment Numbers
192,000 non-farm payroll jobs were added during March. The BLS numbers are lower than the 200,000 new jobs predicted by economists surveyed by the Wall Street Journal, but there is still a chance to meet and exceed that number.
Employment numbers from the February jobs report were revised up from 175,000 to 197,000, so it would be no surprise if the April revisions push beyond Wall Street estimates.
A Renewed Confidence
Unemployment was unchanged at 6.7%. However, the labor force participation rate rose up to 63.2% from 63.0%, indicating a renewal in confidence in the workforce. As we near the summer months, there may even be greater additions to the participation rate.
Overall, the IT industry added 7,400 jobs to the market last month. That’s up from a previous gain of 4,900 jobs in February. The majority of those added payroll positions came from Computer Systems Designs, indicating that developers, DBAs, and QAs are in high demand. More in-depth analysis can be found at our Ashley Ellis website.
The March jobs report showed an overall net loss of 1,000 jobs in manufacturing. Durable goods added 8,000 new positions but that was offset by the loss of 9,000 in non-durable goods. More in-depth analysis can be found at our Omni One website.
There was also a drop in the accounting payroll numbers but it was an insubstantial 100 jobs, the byproduct of a minor market fluctuation. With tax season coming to a close, it’s not even a surprising drop. Remember, a whopping 15,700 jobs were added to the industry in February.
What to Expect
With the weather finally improving, manufacturing numbers will more than likely increase as production and demand once again ramps up. The IT industry has the potential to increase hiring after a long string of security breaches has put security companies and enterprise clients on edge. Accounting will predictably drop as tax season comes to a close (but hopefully not by too much).