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Pandemic Jolts March US Jobs Report

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Pandemic Jolts March US Jobs Report

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Temporary Employment Falls 2% YoY  

Mountain View, California - April 3, 2020 - Total nonfarm employment in the US declined by 701,000 jobs in March, per the seasonally adjusted data released Friday by the US Bureau of Labor Statistics (BLS). The national unemployment rate rose to 4.4%.

Click to enlarge image.

2004 - BLS Infographics

Three of the 15 major industry groups reporting added jobs in March: Government (+12,000), Information (+2,000) and Wholesale Trade (+900). The sectors with the largest number of job declines for the month were Leisure & Hospitality (-459,000), Healthcare & Social Assistance (-61,200), and Temporary Help (-49,500).

With a loss of 49,500 jobs in March, temporary help services employment was down 2.0% year-on-year, reflecting an average decline of 4,900 jobs per month over the past 12 months. Revisions to the temporary help services sector for January, from -2,600 to -3,900, and for February, from -3,300 to -3,900, lowered previously reported gains by 1,900 jobs. The temporary penetration rate fell to 1.91%, down from 1.93% in February.

“As expected, we’ve begun to see significant impact from the Coronavirus pandemic on the US labor market,” said Barry Asin, SIA President. “Going forward we should expect further impact at an even greater magnitude. During these challenging times, temporary employment will likely show increasing losses as it simultaneously responds to some specific instances of growing demand. Looking further ahead, a flattening of confirmed Covid-19 cases will be the lead indicator for predicting the direction of the US economy as the situation unfolds.”

SIA’s complete April Jobs Report analysis is available here.

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