March 2023 Jobs Report | ACCUR Recruiting Services

Job growth was moderated in March but continued to grow, to the tune of 236,000 jobs in March, according to the Bureau of Labor Statistics. The industries most positively affected included leisure and hospitality, government, professional and business services, and health care.

Major Takeaways from the March 2023 Jobs Report

Leisure and hospitality added 72,000 jobs in March, down slightly from the average monthly gain of 95,000 over the prior 6 months. Most of the job growth occurred in food services and drinking places, where employment rose by 50,000 in March.
Government employment increased by 47,000 in March.
Professional and business services added 39,000, around the same as the average monthly growth over the prior 6 months. Employment in professional, scientific, and technical services experienced the biggest gains in this sector with an addition of 26,000 jobs.
Over the month, health care added 34,000 jobs, lower than the average monthly gain of 54,000 over the prior 6 months. In March, job growth occurred in home health care services (+15,000) and hospitals (+11,000). Employment continued to trend up in nursing and residential care facilities (+8,000).
Employment in social assistance continued to trend up in March (+17,000), in line with the average monthly growth over the prior 6 months (+22,000).
Employment in retail trade changed little in March (-15,000). Job losses in building material and garden equipment and supplies dealers (-9,000) and in furniture, home furnishings, electronics, and appliance retailers (-9,000) were partially offset by a job gain in department stores (+15,000).

Other signals in the economy

Inflation slowed notably in March, giving consumers some relief, especially on gas prices, and signaling that the Fed’s actions in raising interest rates may be crafting an elusive “soft landing” for the economy.

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