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US adds 11,400 temp jobs in March, but overall job growth slows

April 03, 2015

The US had 11,400 more temp jobs in March than February, an improvement over the month-over-month declines in January and February, according to seasonally adjusted numbers from the US Bureau of Labor Statistics. The number of temp jobs in February was also revised up by 6,300. In addition, the temp penetration rate in March rose to 2.025 from February’s rate of 2.019. The penetration rate reflects temporary help services jobs as a percent of total US nonfarm employment.

On the other hand, the US overall added only 126,000 nonfarm jobs month over month, much lower than the average of 258,000 since March 2014. In addition, the initially reported job number for February was revised down by 69,000.

TD Economics reported expectations were for the US to add 245,000 jobs in March.

“It was bound to happen,” according to TD Economics’ report. “Job growth has been running at a stupendous pace in America over the last several months, increasingly out of tune with other economic indicators, which have pointed to a slowdown. The reckoning in March closes at least some of this gap.”

Oil and gas prices and the cold winter were cited as concerns.

“The slew of disappointing news about consumption and investment in recent months might be catching up with employment,” according to The Conference Board. “It is too early to conclude that job growth is slowing down, but it is a possibility. However, at least some of the weakness in the past month may have to do with the long duration of the winter this year. Also, the effects of lower oil prices are clearly visible in the mining sector.”

Employment in mining fell by 11,000 in March, and the industry lost 30,000 jobs so far in 2015 after adding 41,000 jobs in 2014, according to the BLS.

The US unemployment rate was unchanged at 5.5%, the lowest rate since the spring of 2008. The college-level unemployment rate, which can serve as a proxy for professional employment, fell to 2.5% in March from 2.7% in February.

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