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April 11, 2023US EMPLOYMENT, MARCH 2023 The US Bureau of Labor Statistics reports that US non-farm payroll employment increased by 236,000 in March 2023.
The US unemployment rate declined 0.1 percentage points to 3.5%. US employment rose consistently above pre-pandemic levels starting in June 2022, though the participation rate in the labour force remains lower.
The US participation rate increased 0.1 percentage points to 62.6%. At its lowest point in April 2020, the participation rate fell to 60.1%. Although the participation rate has recovered since then, it remains 0.7 percentage points lower than it was prior to the pandemic.
The US employment to population ratio rose to 60.4%.
The US employment rate has maintained a very gradual upward trend since the middle of 2013 and declined sharply in April 2020 due to COVID-19. Since reaching a recorded low of 51.3% ratio in April 2020, the US employment to population ratio increased to April 2022 and then remained largely flat in most of 2022. In the fall of 2022 the ratio returned to its gradual upward trend.
Note: Canadian and US labour force statistics refer to different working-age cohorts.
Sources: US Bureau of Labor Statistics news release, Commissioner's Statement on the Employment Situation
Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle
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