- Total non-farm payroll employment edged up 103 thousand in March, following an increase of 326 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls increased by 102 thousand in the month, while government employment increased by a thousand. In March, employment grew in manufacturing, health care, and mining.
- The unemployment rate held steady at 4.1% in March. The unemployment rate was 4.5% in March of 2017.
- The average workweek of all employees on private nonfarm payrolls held steady at 34.5 hours. Average hourly earnings increased by 8 cents to $26.82. Over the past 12 months, average hourly earnings were up 2.7%.
- The labor force participation rate, at 62.9%, changed little in March, and the employment population ratio held at 60.4%.
- the number of unemployed persons decreased by 121 thousand to 6.585 million. At 1.3 million, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed in March and accounted for 20.3% of the unemployed. Over the year, the number of long-term unemployed was down by 338 thousand.
- The advance figure for initial claims for unemployment insurance increased 24 thousand to 242 thousand in the week ending March 31. The 4-week moving average was 228.25 thousand, an increase of 3 thousand from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending March 24 was 1,808 thousand, a decrease of 64 thousand from the previous week’s revised level. This is the lowest level for insured unemployment since December 29, 1973 when it was 1,805 thousand. The 4-week moving average was 1,848.250 thousand a decrease of 13.5 thousand from the previous week’s revised average. This is the lowest level for this average since January 5, 1974 when it was 1,838.5 thousand.
- Unemployment rates were lower in February than a year earlier in 319 of the 388 metropolitan areas, higher in 48 areas, and unchanged in 21 areas, according to the U.S. Bureau of Labor Statistics. In February, 313 metropolitan areas had year-over-year increases in nonfarm payroll employment, 69 had decreases, and 6 had no change.
- Sales of domestic cars decreased 0.4% in March, while total light vehicle (cars and light trucks) sales increased 2.5%. Total light vehicle sales were 17.4 million units, at a seasonally adjusted annual rate, compared to 17.1 million in January, and 16.7 million in March of 2017.
- New orders for manufactured goods increased 1.2% in February, while shipments increased 0.2%. Unfilled orders increased 0.2% in February, while inventories increased 0.3%. Year-to-date new orders for manufactured goods were up 7.9%, and shipments were up 7.4% from the same period in 2017.
- In February, international trade deficit was $57.6 billion, up $0.9 billion from $56.7 billion in January. February exports were $204.4 billion, $3.5 billion more than January exports. February imports were $262.0 billion, $4.4 billion more than January imports. Year-to-date trade deficit increased $21.1 billion, or 22.7%, to $114.3 billion from the same period in 2017.
- February construction spending was up 0.1% from the previous month, and was up 3.0% from February 2017, according to U.S. Census Bureau. Private construction increased 0.7% in February, while public construction decreased 2.1%.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates moving lower for the second consecutive week. 30-year fixed rate mortgage averaged 4.40% for the week ending April 5, down from a week earlier when it averaged 4.44%. A year ago at this time, the 30-year fixed rate mortgage averaged 4.10%. 15-year fixed rate mortgage averaged 3.87%, down from last week when it averaged 3.90%. A year ago at this time, the 15-year fixed rate mortgage averaged 3.36%.
- Mortgage applications decreased 3.3% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending March 30th.
- The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in March, and the overall economy grew for the 107th consecutive month.
- In March, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 98th consecutive month. Fifteen non-manufacturing industries reported growth, while two industries reported contraction in March.
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