Although nonfarm payroll employment added 58,000 jobs in March, the indicators still appear weak. In the most recent Labor Department estimate, February employment change was revised downward from a net gain of 66,000 to a net loss of 2,000. Preliminary data suggest that throughout 2002:IQ, there was an average monthly loss of 18,000 jobs, but this was much less than the average monthly loss of 303,000 jobs posted in 2001:IVQ.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-04, pp. 12, 04.01.2002.