U.S. Unemployment Dips to 8.2%, But Only 120,000 Jobs Added in March

Press release from the issuing company

Sunday, April 8th, 2012

Total nonfarm payroll employment rose by 120,000 in March. In the prior 3 months, payroll employment had risen by an average of 246,000 per month. Private-sector employment grew by 121,000 in March, including gains in manufacturing, food services and drinking places, and health care. Retail trade lost jobs over the month. Government employment was essentially unchanged.

Manufacturing employment rose by 37,000 in March, with gains in motor vehicles and parts (+12,000), machinery (+7,000), fabricated metals (+5,000), and paper manufacturing (+3,000). Factory employment has risen by 470,000 since a recent low point in January 2010.

Within leisure and hospitality, employment in food services and drinking places rose by 37,000 in March and has risen by 563,000 since a recent low point in February 2010.

In March, health care employment continued to grow (+26,000). Within the industry, offices of physicians and hospitals each added 8,000 jobs over the month.

Employment in financial activities was up by 15,000 in March, with most of the gain occurring in credit intermediation (+11,000).

Employment in professional and business services continued to trend up in March (+31,000). Employment in the industry has grown by 1.4 million since a recent low point in September 2009. In March, services to buildings and dwellings added 23,000 jobs. Employment in temporary help services was about unchanged over the month after increasing by 55,000 in February.

Retail trade employment fell by 34,000 in March. A large job loss in general merchandise stores (-32,000) and small losses in other retail industries more than offset gains in health and personal care stores (+6,000) and in building material and garden supply stores (+5,000).

Employment in the other major private-sector industries, including mining, construction, wholesale trade, transportation and warehousing, and information, changed little in March.

The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.5 hours in March. The manufacturing workweek fell by 0.3 hour to 40.7 hours, and factory overtime was unchanged at 3.4 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.8 hours.

In March, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents, or 0.2 percent, to $23.39. Over the past 12 months, average hourly earnings have increased by 2.1 percent. In March, average hourly earnings of private-sector production and nonsupervisory employees rose by 3 cents, or 0.2 percent, to $19.68. 

The change in total nonfarm payroll employment for January was revised from +284,000 to +275,000, and the change for February was revised from +227,000 to +240,000.