The Welch Consulting Employment Index once again showed continued strength in March, rising to 99.5 from 99.3 in January and 98.4 in March 2015.

The Welch Index measures full-time equivalent employment after adjustment for population growth and the aging of the workforce. The Index value of 99.5 indicates that adjusted full-time equivalent employment is 0.5% below its level in the base year of 2004.

The increase in the Index over the past year means that full-time equivalent employment has been growing at a faster rate than the adult population.  Full-time equivalent employment increased 1.1% faster than the adult population over the past year (after making adjustments for the aging of the U.S. adult population).

When broken out by gender, men saw a slight dip down in employment in March, while women had a large increase. The index for men fell 0.1 points in February, from 98.0 to 97.9, while the index for women rose from 101.0 to 101.4. For the past 12 months the index for men has risen 0.8 points and the index for women has risen 1.4 points.

Technical Note: Full-time equivalent employment equals full-time employment plus one half of part-time employment from the BLS household survey.  The Welch index adjusts for the changing age distribution of the population by fixing the age distribution of adults to the distribution in the base year of 2004.  Seasonal effects for the share of workers employed in part-time jobs are removed in a regression framework using monthly indicator variables.