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Nonfarm Payrolls Come In Sizzling
Information from the Bureau of Labor Statistics launched Friday confirmed the labor market added 303,000 nonfarm payroll jobs in March of 2024, practically 50% larger than the 214,000 anticipated by economists. The roles got here largely from the well being care (72,000), authorities (71,000), leisure and hospitality (49,000), and building (39,000) sectors.
Unemployment Declines Barely
The unemployment price moved barely decrease to three.8%, whereas the labor pressure participation price moved larger to 62.7%. Wages rose 0.3% for the month and 4.1% from a yr in the past. The unemployment rate has been in a slim range of three.7-3.9% since August of 2023.
JOLTS Stays Unchanged
The newest Job Openings and Labor Turnover Abstract (JOLTS) report, which tells us what number of job openings there are every month, in addition to what number of employees had been employed or give up, signifies little change within the labor marketplace for February. The report discovered a gentle enchancment in hiring and a slight enhance in layoffs as job openings and quits held regular.
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