March 2024 Employment Report

In March, nonfarm payrolls increased by 303,000, meeting industry expectations. The U.S. has now added jobs for 38 consecutive months. The unemployment rate decreased to 3.8%, which remains historically low. Of those who are unemployed, 28.9% have been unemployed for less than 5 weeks. Since 1948, the unemployment rate has averaged 5.7%.

Average nonfarm hourly wages in March 2024 increased by .3% to $34.69. Over the past 12 months, average hourly earnings have increased by 4.1%. Within the Trade, Transportation, and Utilities subcategory, average hourly wages in March were $30.55, up 5.5% year-over-year.

Additional employment and wage data are available from the Bureau of Labor Statistics. Both NPGA and PERC have a variety of workforce tools to make attracting and retaining employees easier. Additional tools and resources for members can be accessed on the Workforce section of NPGA’s website. One such tool marketers can use to assist in recruiting is the NPGA Registered Apprenticeship Program.

For more information, contact NPGA’s Senior Manager of State Association Relations, Eric Sears.