The US economy added 916,000 jobs in March – a strong-than-expected gain for the labor market’s rapid recovery from the coronovirus crisis, the feds said on Friday.
The strongest job increase since August was as more Americans were vaccinated against the deadly virus, while the occupation continued to emerge from the winter epidemic lockdown.
Nonfarm payroll gains gave a strong jump to February’s revised total of 468,000 and stronger economists’ expectations of 635,000.
According to the ‘Jobs Report’ of the Bureau of Labor Statistics, the unemployment rate hit a 6-year low, approaching a 50-year low that had hurt the US economy a year earlier.
Economists hope to hire consumers to come back by spending money on hard-hit establishments – equipped with cash from last month’s $ 1.9 trillion incentive bill – to help consumers in the form of vaccines during spring and summer .
Bloomberg economists Karl Ricadona and Yelena Schultayeva said in a comment, “The hiring momentum clearly in the March jobs report should persist for the next several months as vaccination advances enable macroeconomic re-creation.”
Employers have now withdrawn about 14 million, or 62 percent, of the 22.4 million jobs lost in the spring of 2020, as the COVID-19 crisis shut down businesses across the country.
Workers are also starting to get more optimistic – reports of Americans’ pay cuts or fears of losing their jobs have been declining since January, according to the report. Morning consultation data.
“Both the wage reduction and the results fell in February and continued to decline in March, indicating that this month’s jobs report is good news to follow,” said John Lear, an economist at Morning Consult.
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