US Nonfarm Payroll Growth Retreats in March

Source: Bureau of Labor Statistics

Nonfarm payrolls expanded at a slower pace in March, with growth driven mainly by service-providing firms during the month. QQQ is down 0.07%.

• Payrolls increased by 431,000 in March, lower than the 750,000 in February and 704,000 in March 2021.
• Private payrolls increased by 426,000, including 60,000 in goods-producing firms and 366,000 in services-providing firms.
• Leisure and hospitality increased by 112,000; professional and business services by 102,000; and retail trade by 49,000.
• The unemployment rate fell by 0.2 percentage points to 3.6%. This is equivalent to 6.0 million individuals, or 318,000 higher.
• Permanent job losers fell by 191,000 to 1.4 million. Temporary layoffs stood at 787,000, and job leavers also at 787,000.
• The labor force participation rate was little changed at 62.4%.