March Employment Numbers Look Good, Overall Unemployment Down

March Employment Numbers Look Good, Overall Unemployment Down

The U.S. Bureau of Labor Statistics has reported that the unemployment rate dropped to 4.7% in March, 2006, down 0.1% from February, and that total nonfarm payroll employment increased by 211,000 during the month.

Employment in business and professional services rose by 52,000 jobs during the past month, with jobs being created almost equally across sub-sectors, including architectural and engineering services, computer systems design, management and consulting services and building and dwelling services. Over the past 12 months, employment in the business and professional services sector has risen by 469,000 jobs.

Healthcare also saw modest gains in employment, with 24,000 jobs added during March, 2006. The past year has seen an overall increase of 293,000 jobs in the industry. Financial services jobs rose in March also, as credit intermediation and insurance carriers each added 7,000 jobs.

One of the few sectors that have seen a decrease in employment over the pat 12 months, manufacturing, saw little or no change in March but has lost 56,000 jobs during the past year.