Monthly Job Market Summary

Both the unemployment rate, at 3.8 percent, and the number of unemployed people, at 6.4 million, changed little in March. The unemployment rate has been in a narrow range of 3.7 percent to 3.9 percent since August 2023.

The number of long-term unemployed (those jobless for 27 weeks or more), at 1.2 million, was little changed in March. The long-term unemployed accounted for 19.5 percent of all unemployed people.

In February, the labor force participation rate was 62.5 percent for the third consecutive month, and the employment-population ratio was little changed at 60.1 percent. These measures showed little or no change over the year.

In March, average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents, or 0.3 percent, to $34.69. Over the past 12 months, average hourly earnings have increased by 4.1 percent. In March, average hourly earnings of private-sector production and nonsupervisory employees edged up by 7 cents, or 0.2 percent, to $29.79.

The number of people employed part time for economic reasons, at 4.3 million, changed little in March. These individuals, who would have preferred full time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.

In March, the number of people not in the labor force who currently want a job, at 5.4 million, was little changed. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.

Temporary help employment was 1.74% of total nonfarm employment in March, little changed from February.

Temporary help jobs in March decreased -6.2%, seasonally adjusted, from the same month last year.

Total nonfarm payroll employment rose by 303,000 in March, higher than the average monthly gain of 231,000 over the prior 12 months.

According to a recent Wall Street Journal article, “How Gen Z Is Becoming the Toolbelt Generation,” some Gen Zs are “drawn to the skilled trades because of their entrepreneurial potential.”
Last year, the White House called on state and local governments to establish more apprenticeships—not just for skilled trades, but across all industries. Trades have helped popularize this “earn-and-learn model” that provides on-the-job training and can lead to a good job.

Despite high-earning potential and job stability, 74% of survey respondents said there’s a stigma associated with going to a vocational school over a traditional four year university.

53% of employees surveyed for the 2023–2024 Aflac WorkForces Report who said they would likely take a lower paying job for a more robust benefits package.

73% of employees and 81% of managers said they are more likely to stay with an employer that offers “high-quality” mental health resources, according to a report by Modern Health and Forrester Consulting.

Childcare outranked mental health support, health and fitness discounts, commuter benefits and a range of other perks — and it was the number one priority after basic benefits like health insurance and paid time off.