March 2010 Jobs Report and Wages

Here are the job market and compensation numbers for March 2010 (based on the job report):

Net gain
of 162,000 jobs in the month (final revision shows a gain of 208,000)

  • Only the third gain since the recession started in December of 2007
  • Analysts expected a gain of 190,000
    • The report is below the predicted number but the revisions for January and February were better than expected so the numbers somewhat evened out

  • One year ago the US lost 753,000 jobs
  • February was revised to a loss of 14,000 jobs from an original reading of 36,000 lost jobs
  • January was revised to a loss of 26,000 from an original reading of a loss of 20,000 (revised again to a gain of 14,000 jobs)
  • 6.5 million people have been jobless for more than 6 months (long term unemployed)
    • This number rose by 400,000 in the month
    • 44.1% of the unemployed are long term unemployed
    • 8.2 million jobs since the start of 2008

  • Temporary work, which usually precedes full time employment gains, added 40,000 jobs in March. This is after adding 48,000 in February, 51,000 in January, and 46,500 jobs in December
  • 48,000 jobs were part of the Census work conducted by the Federal government and are temporary hires
  • 60% of industries added jobs

Unemployment rate held at 9.7%

  • Analysts predicted it would be 9.7%
    • As employment picks up, the labor pool will grow again and the unemployment rate should go up or hold steady

  • The unemployment population edged up 58.6% – meaning people are getting themselves back into the overall count for the unemployment rate
  • The U-6 report, which is a broader group, increased to 16.9%
  • PMI, a measure of manufacturing pace, rose 3.1 points to 59.6. Anything above 50% means the machines are running. This is the highest it’s been since 2004

Specific Segment Job numbers:

  • Manufacturing added 17,000 jobs
  • Construction added 15,000 jobs
    • The first growth in this industry since June 2007

  • Retailers gained 14,900 jobs
  • Leisure and Hospitality Services grew by 22,000 jobs
  • Government sector gained 39,000, Federal gains were 48,000
  • Education and Health Services grew by 45,000 jobs
    • Health Care and Social Assistance grew by 36,700

  • Professional and Business Services grew by 11,000
    • Temporary work added 40,200 jobs in Feb

Wage (can be revised):

  • The average weekly paycheck (seasonally adjusted) is $629.37, from $626.25
  • The average hourly earning (seasonally adjusted) is $18.90 – down 2 cents
    • No real movement here in 3 months

  • The average hourly work week rose to 33.3, an increase from 33.1

Bureau of Labor Statistics

Job Report Stats Summary


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