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.
Learn tips for dealing with inflated salary expectations here.
Catch Up With Previous Jobs Reports
- February 2023’s continued strength
- January 2023’s unexpected surge
- Steady gains in December 2022
- Growth in November 2022
- Resilience in October 2022
- Mixed messages in September 2022
- August 2022’s cooling forecast
- Great job news in July 2022
- Continued growth in June 2022
- Strong growth in May 2022
- Big month of growth in April 2022
- March 2022’s strong growth
- February 2022’s blockbuster growth
- January 2022’s strong growth despite Omicron
- Promising news for hospitality in December 2021
- November 2021’s mixed picture
- October 2021’s robust gains
- A slower-than-expected report in September 2021
- The summer‘s roaring recovery trajectory in 2021
- Better than expected growth in June 2021, especially in travel
- A turnaround in May 2021
- An anemic April 2021 jobs report
Edouard Thoumyre is a seasoned executive recruiter with over 17 years of experience in executive search, as the Founder and Managing Partner of ACCUR Recruiting Services. Specializing in the Consumer and Luxury Goods industries, he has a proven track record of placing senior level and C-level executives in family, private equity-backed, and Fortune 500 companies in the beauty, wine & spirits, watch & jewelry, home goods, and tobacco industries, among others. Edouard Thoumyre holds a master’s degree in Entrepreneurship from HEC Paris (#1 European Business School, Financial Times rankings) and a master’s degree in industrial engineering from Centrale Lille (a top 10 French engineering school). ACCUR Recruiting Services has been recognized as a Forbes Top 100 executive search firm since 2018.
Edouard Thoumyre and his firm, ACCUR Recruiting Services, have been featured in numerous publications such as WWD, Business Insider, Newsweek, CPG Specialist, Yahoo Finance, Nasdaq.com, Marketplace by NPR, Business of Fashion…