The Bureau of Labor Statistics’ employment report for March shows the unemployment rate at 5.0 percent, up 0.1 percent from February, and a jobs creation total of 215,000 as more people enter the labor force and strengthen the economy.
The Economy Remains Strong
According to a report from MarketWatch, the influx of new workers and jobseekers, particularly since last fall, pushed the so-called labor force participation rate up to 63 percent. That’s the highest level in two years.
Revisions to previous months: The change in total nonfarm payroll employment for January was revised from +172,000 to +168,000, and the change for February was revised from +242,000 to +245,000.
In March, the average wage paid to U.S. workers increased in March to $25.43 an hour, up 0.3 percent from last month. Hourly pay increased mildly at 2.3 percent year-over-year. The increase in wages aligns with economists’ predictions that wages will increase during 2016.
IT Industry Sees Steady Growth
The Professional, Scientific, and Technical Services experienced increased growth during March, adding 33,000 jobs. The unemployment rate for this sector saw a 0.2 percent decrease from February, falling to 2.5 percent.
The tech sector overall has seen steady gains over the last five years, creating more than 13,000 new positions in March alone, and totals up 3.4 percent from the previous year. Management and technical consulting services gained 6,800 positions, and the computer systems design and related services added 4,100 positions.
March Jobs Report Fast Facts
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