March Jobs Reports Slays Expectations

Job growth south of the border boomed in March at the fastest pace since last summer, as stronger economic growth and an aggressive vaccination effort contributed to a surge in hospitality and construction jobs.

Stock markets were shuttered Friday for the Good Friday holiday, and the bond market operated on a shortened day, but the U.S. Labor Department came out that day with its report that non-farm payrolls increased by 916,000 for the month while the unemployment rate fell to 6%.

Economists surveyed by Dow Jones had been looking for an increase of 675,000 and an unemployment rate of 6%. The total was the highest since the 1.58 million added in August 2020.

Employment gains were broad-based, but were especially strong in areas hit worst by the pandemic. A more encompassing measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons dropped to 10.7% from 11.1% in February.

Thelabour force continued to grow after losing more than six million Americans at one point last year. Another 347,000 workers came back, bringing the labour force participation rate to 61.5%, compared to 63.3% in February 2020.

There are still nearly 7.9 million fewer Americans counted as employed than in February 2020, while the labour force is down 3.9 million.

Related posts

Advisors in Focus- January 6, 2021

Gavin Maguire

Advisors in Focus- February 15, 2021

Gavin Maguire

Advisors in Focus- February 22, 2021

Gavin Maguire

Advisors in Focus- February 28, 2021

Gavin Maguire

Advisors in Focus- March 18, 2021

Gavin Maguire

Advisors in Focus- March 21, 2021

Gavin Maguire