The US gained 4,900 temporary jobs in March for a total of approximately 3.15 million, the US Bureau of Labor Statistics reported today. That represents year-over-year growth of 9.0%, down slightly from the year-over-year growth rate of 9.68% in February.
When looking at total nonfarm employment, the US added 431,000 nonfarm jobs in March from February for total employment of 150.9 million. It also revised the number for jobs added in February upward to 750,000.
“Overall, the month of March was another one of solid gains for the job market, with 431,000 new jobs,” said Barry Asin, president of Staffing Industry Analysts. “An increase in labor force participation was another positive sign for the supply of workers. Nevertheless, the greatest constraint on growth remains the ongoing shortage of qualified candidates for the available jobs.”
“Leisure and hospitality” posted the largest month-over-month increase in jobs during March, gaining 112,000, though employment in the sector remains down by 1.5 million compared to the pre-pandemic level in February 2020. The sectors with the next largest gains in jobs were professional services (excluding temporary help), which added 97,100, and retail trade, which gained 49,000 jobs.
The temp penetration rate in March — temp jobs as a percent of total nonfarm employment — was unchanged from February at 2.09%.
Job growth averaged 562,000 per month in the first quarter of 2022, according to the BLS. However, employment remains down by 1.6 million, or 1.0%, from its pre-pandemic level in February 2020.
As the number of total nonfarm jobs rose in March, the US unemployment rate fell to 3.6% from 3.8% in February. The college-level unemployment rate fell to 2.0% in March from 2.2% in February.
Meanwhile, the labor force participation rate, at 62.4%, was little changed in March.
Average hourly earnings for all employees on private, nonfarm payrolls rose by 13 cents in March to $31.73.