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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

April 05, 2024

Monthly change (March 2024 vs February 2024, seasonally adjusted)

US non-farm payroll employment increased 303,000 from February to March 2024, rising to 158.1 million persons.

The latest monthly increase of 303,000 in US nonfarm payroll employment was faster than the growth of 270,000 reported for February 2024.                                                     

The US unemployment rate was down 0.1 percentage points to 3.8% in March 2024. Although the US unemployment rate has remained at or below 4% throughout 2022 and 2023, there has been a gradual rise since the beginning of 2023.                                                                                              

The US participation rate increased 0.2 percentage points to 62.7%. The US participation rate has been rising slowly since 2021, but remains below levels observed prior to the pandemic.

The US employment to population ratio increased 0.2 percentage points to 60.3% in March 2024. As with the participation rate, the US employment rate has not yet returned to pre-pandemic levels despite gains in the last 2-3 years.

Note: Canadian and US labour force statistics refer to different working-age cohorts. 

Sources: U.S. Bureau of Labor Statistics. Unemployment Rate, retrieved from FRED, Federal Reserve Bank of St. Louis, Employment-Population Ratio, retrieved from FRED, Federal Reserve Bank of St. Louis, Labor Force Participation Rate, retrieved from FRED, Federal Reserve Bank of St. Louis Bureau of Labor Statistics news releaseCommissioner'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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