The U.S. economy gained 196,000 jobs in March, and the unemployment rate remained unchanged at 3.8%, according to figures released this morning by the U.S. Bureau of Labor Statistics. Continued lower levels of job growth provide good reason for the Federal Reserve’s Open Market Committee to express caution in considering any interest rate hikes.
Last month’s biggest job gains were in health care (49,000), professional and technical services (34,000), food services and drinking places (27,000), and construction (16,000). Manufacturing employment declined in March (-6,000 jobs). Employment in other major industries, including mining, wholesale trade, retail trade, transportation and warehousing, information, financial activities, and government, showed little change over the month.
Among the major worker groups, the unemployment rates fell for teenagers (12.8%) and blacks (6.7%). The jobless rate increased for Hispanics (4.7%). The jobless rate for adult men (3.6%), adult women (3.3%), whites (3.4%) and Asians (3.1%) showed little change in March.
The number of long-term unemployed (those jobless for 27 weeks or more) rose in March and accounted for 21.1% of the unemployed.
This article was originally published by the AFL-CIO on April 4, 2019. Reprinted with permission.