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Civilian Unemployment Rate

Total nonfarm payroll employment rose by 236,000 in March, and the unemployment rate changed little at 3.5 percent, the U.S. Bureau of Labor Statistics reported in early April. Employment continued to trend up in leisure and hospitality, government, professional and business services, and health care. Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million, changed little in March. These measures have shown little net movement since early 2022.

Employment Change By Industry

Leisure and hospitality added 72,000 jobs in March, lower than the average monthly gain of 95,000 over the prior 6 months. Government employment increased by 47,000, the same as the average monthly gain over the prior 6 months .Employment in professional and business services continued to trend up in March (+39,000), in line with the average monthly growth over the prior 6 months (+34,000). Employment in social assistance continued to trend up, adding 17,000 jobs. Over the month, health care added 34,000 jobs, lower than the average monthly gain of 54,000 over the prior 6 months. In March, job growth occurred in home health care services (+15,000) and hospitals (+11,000). Employment continued to trend up in nursing and residential care facilities (+8,000), the U.S. Bureau of Labor Statistics reported. Employment in transportation and warehousing changed little (+10,000).

High Grain Prices Rippled Through Economy

Source: U.S. Bureau of Labor Statistics Source: U.S. Bureau of

Producer prices for grains increased dramatically after the start of the COVID-19 pandemic in January 2020. These grain prices increased at an even faster rate after the beginning of the Russia-Ukraine war in February 2022 disrupted both global grain supplies and demand. As a result, U.S. prices for grains that are heavily supplied by Ukraine, such as wheat and corn, rose substantially between February and June 2022, the U.S. Bureau of Labor Statistics reported.

Wages And Salaries

Source: U.S. Bureau of Labor Statistics

In March, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents, or 0.3 percent, to $33.18. Over the past 12 months, average hourly earnings have increased by 4.2 percent. In March, average hourly earnings of private-sector production and nonsupervisory employees rose by 9 cents, or 0.3 percent, to $28.50.

Source: U.S. Bureau of Labor Statistics