- Total non-farm payroll employment decreased 701 thousand in March, following an increase of 275 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls decreased by 713 thousand in the month, while government employment increased by 12 thousand. The changes in these measures reflect the effects of the coronavirus (COVID-19) and efforts to contain it. Employment in leisure and hospitality fell by 459 thousand, mainly in food services and drinking places. Notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction.
- The average workweek of all employees on private nonfarm payrolls decreased by 0.2 hour to 34.2 hours. Average hourly earnings increased by 11 cents to $28.62. Over the past 12 months, average hourly earnings were up 3.1%.
- The unemployment rate rose to 4.4% in March, from 3.5% in February. The unemployment rate was 3.8% in March of 2019.
- The number of unemployed persons increased by 1.353 million to 7.140 million. At 1.164 million, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed in March and accounted for 15.9% of the unemployed. Over the year, the number of long-term unemployed was down by 141 thousand.
- The labor force participation rate decreased by 0.7 percentage point to 62.7% in March.
- The advance figure for initial claims for unemployment insurance surged 3,341 thousand to 6,648 thousand in the week ending March 28. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The 4-week moving average was 2,612 thousand, an increase of 1,607.75 thousand from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending March 21 was 3,029 thousand, an increase of 1,245 thousand from the previous week’s revised level. This is the highest level for insured unemployment since July 6, 2013 when it was 3,079 thousand. The 4-week moving average was 2,053.5 thousand, an increase of 327.25 thousand from the previous week’s revised average. This is the highest level for this average since January 14, 2017 when it was 2,062 thousand.
- In February international trade in goods and services deficit was $39.9 billion, $5.5 billion less than the revised January figure, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. February exports were $207.5 billion, $0.8 billion less than January exports. February imports were $257.5 billion, $6.3 billion less than January imports.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed mortgage rates dropping again. 30-year fixed rate mortgage averaged 3.33% for the week ending April 2, down from a week earlier when it averaged 3.50%. A year-ago at this time, the 30-year fixed rate mortgage averaged 4.08%. 15-year fixed rate mortgage averaged 2.82%, down from last week when it averaged 2.92%. A year-ago at this time, the 15-year fixed rate mortgage averaged 3.56%.
- Mortgage applications increased 15.3% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending March 27th.
- The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector contracted in March, and the overall economy grew for the 131st 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 122nd consecutive month. Nine non-manufacturing industries reported growth, while seven industries reported contraction in March.
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