U.S. Workforce Analysis: March 2024

Our monthly workforce analysis has been updated to include the latest employment report for March. The unemployment rate fell to 3.8% and the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 303K.

The Unemployment Rate

The closely watched headline unemployment rate is a calculation of the percentage of the civilian labor force, age 16 and older, that is currently unemployed. In the latest report, this indicator fell to 3.8%. The age 16+ population increased by 173,000 and the labor force increased by 469,000. The breakdown of the growth is an increase of 498,000 employed and a 29,000 decrease in the unemployed. Let's put this metric into its historical context. The first chart below illustrates this monthly data point since 1990.

Unemployment Rate since 1990