Employers added 236,000 payroll jobs in March, more in line with pre-Covid job gains, and substantially lower than the 345,000 average over the previous three months.
The unemployment rate was relatively unchanged at 3.5 percent, where it has been for the past year. However, Black unemployment (5.0%) dropped to a 50-year low.
Minority labor force participation rates are significantly higher than White. Hispanics have the highest participation rate (66.8%), followed by those identifying as Asian, (64.9%), Black (64.1%) and White (62.2%).
Average hourly wages rose 4.2 percent from a year ago, a strong increase but still below the rate of inflation.
Five industries contributed to most of the gain: Bars/Restaurants (+50,300), Government (+47,000), Health Care (+33,900), Professional/Scientific/Technical Services (+25,700), and Social Assistance (+16,900).
Most other industries had very little or no job growth, reflecting the slowdown in hiring and Retail (-14,600) and Construction (-8,000) saw declines.
Number of job losers is rising and the number of multiple jobholders has also increased. Further, the number of people employed part-time because of economic reasons has increased.
Outlook: Job gains are expected to slow further this year as hiring moderates and job openings decline, but employers are still reluctant to lay off employees.
