WASHINGTON, D.C. — Nonfarm payroll employment increased by 236,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). The number, which reflects a slowdown in growth relative to February — which saw the addition of 326,000 jobs — largely aligns with the predictions of economists. According to CNBC, the figure marks the lowest monthly gain since December 2020, following moves by the Federal Reserve to cool labor demand in the interest of combating inflation. The number also falls below the average monthly gain of 334,000 jobs for the previous six months. Leisure and hospitality added 72,000 jobs in March, 24 percent below the average monthly gain for the prior six months (95,000). Food-and-beverage represented the bulk of the growth, adding 50,000 jobs. Government and professional and business services employment grew by 47,000 and 39,000 jobs, respectively. Healthcare added 34,000 jobs, with growth in home health services, hospitals and nursing and residential care facilities. Employment in transportation and warehousing increased marginally, adding 10,000 positions. Employment in the retail trade saw a decrease of 15,000 jobs. The unemployment rate also decreased slightly, coming down to 3.5 percent from 3.6 percent. Unemployed persons totaled 5.8 million.
