Manufacturing Employment Holds Steady
The U.S. economy added more jobs than expected in March, while manufacturing employment remained mostly unchanged (U.S. Bureau of Labor Statistics).
What’s going on: Total nonfarm payroll employment rose by 228,000 last month, up significantly from a downwardly revised 117,000 added jobs in February and far higher than the 160,000 economists had expected (CNN). Manufacturing added 1,000 seasonally adjusted jobs in March, but the February gain of 10,000 was revised downward by 2,000 jobs to an increase of 8,000.
- The overall unemployment rate ticked up in March, going to 4.2% from 4.1% the previous month.
The details: Manufacturing employment in March remained largely steady across types and sectors.
- Durable goods saw a loss of 3,000 seasonally adjusted positions, while nondurable goods added 4,000.
Hours and wages: Hours worked in manufacturing stayed steady from February to March, while wages inched up.
- The average workweek for manufacturers came in at 40.2 hours last month, while it was at 40.1 in February.
- The average hourly pay was $35.16 in March, up from $34.92 in February and up more significantly from March 2024’s $33.60.