Unemployment Rate Drops to 8.2%

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The unemployment rate fell .1% to 8.2% in March. The unemployment rate has been falling every month since June 2011. Unemployment is .7% lower than last March. Mitigating the happy news of another drop, the civilian employment-population ratio and the civilian labor force participation rate dropped .1% to 58.5% and 63.8%, respectively.

Total nonfarm payroll increased 120,000 to 132.8 million. Median duration of unemployment fell .4 weeks to 19.9 due largely to a 2% drop in people unemployed for more than 6 months. Since those people have not appeared in the participation rate, it is likely that these people lost long term benefits and are no longer in the labor market.

For more information see our Employment Report.

–from the BLS and the St. Louis Federal Reserve

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