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[Zephyr]

Gallup US Payroll to Population
Released On 4/3/2014 8:30:00 AM For Mar, 2014
Prior Actual
level 43.1 42.7
Highlights
The U.S. Payroll to Population employment rate (P2P), as measured by Gallup, was 42.7 percent in March. This is down slightly from 43.1 percent in February, but remains slightly up from 42.0 percent from January. P2P so far in 2014 remains below the averages for 2013 (43.8 percent) and 2012 (44.4 percent).

Gallup's P2P metric tracks the percentage of the U.S. adult population aged 18 and older that is employed full time by an employer for at least 30 hours per week. P2P is not seasonally adjusted. However, because of seasonal fluctuations, year-over-year comparisons are often helpful in evaluating whether monthly changes are attributable to seasonal hiring patterns or true growth (or deterioration) in the percentage of people working full time for an employer. On the basis of that comparison, the P2P rate for March 2014 is down slightly compared with the 43.4 percent found in the same month last year and the 43.7 percent in March 2012.

The latest results are based on Gallup Daily tracking interviews with approximately 30,000 Americans, conducted March 1-31, by landline telephone and cellphone. Gallup does not count adults who are self-employed, working part time, unemployed, or out of the workforce as payroll-employed in the P2P metric.

Unlike Gallup's P2P rate, which is a percentage of the total population, traditional employment metrics, such as the unemployment rates Gallup and the U.S. Bureau of Labor Statistics (BLS) report, are based on the percentage of the workforce. Gallup defines the "workforce" as adults who are working or actively looking for work and available for employment. The U.S. workforce participation rate in March was 66.0 percent, steady with February's 66.4 percent but down from 67.7 percent in March 2013.

Gallup's unadjusted U.S. unemployment rate for March is 7.5 percent. Gallup's seasonally adjusted U.S. unemployment rate for March, using the government's prior adjustment factors, is 7.4 percent. Gallup calculates this rate by applying the adjustment factor the government used for the same month in the previous year. Last year, the government adjusted March's rate downward by 0.1 points. The exact adjustment the government uses for March 2014 will not be known until Friday's BLS release.