The Labor Department reported on Friday that due to strong economic growth and aggressive vaccination efforts, job growth in March increased at the fastest rate since last summer.
The number of non-agricultural employment increased by 916,000 that month, while the unemployment rate fell to 6%.
Economists surveyed by Dow Jones have been hoping to increase by 675,000 and the unemployment rate to reach 6%. This is the highest level since the increase of 1
Eric said: “We look forward to a large number of job opportunities, and today’s employment report will be released in an important way. This is the other side of last March, and it is another clear signal that the US economy is on the road to a strong recovery. “Merlis, Head of Citizen Global Market Trading.
The broader measure, including the unemployment rate for unemployed people and part-time jobs for economic reasons, fell to 10.7% from 11.1% in February.
The labor force continues to grow after losing more than 6 million Americans at one point last year. Another 347,000 workers returned to China, bringing the labor force participation rate to 61.5%, compared with 63.3% in February 2020.
The number of Americans employed is still nearly 5 million fewer than a year ago, while the labor force has fallen by 2.2 million.
The leisure and hospitality industry is a key sector in restoring the job market to previous levels, with the strongest growth this month, adding 280,000 jobs. Bars and restaurants increased by 176,000, while arts, entertainment and leisure contributed 64,000.
Even if it continues to grow, the industry is still 3.1 million below the total level before the pandemic in February 2020.
As students return to school, education recruitment has also flourished this month. Local, state and private educational institutions collectively employ more than 190,000 employees per month.
The construction industry has also created a healthy growth of 110,000 new jobs, while professional and business services have increased by 66,000, and the manufacturing industry has increased by 53,000.
In addition to the strong earnings in March, prices in the first few months have also been raised sharply. The January total increased by 67,000 to 233,000, while the February revision increased the total by 89,000 to 468,000.
Many other industries have also increased employment opportunities: transportation and storage (48,000), other services (42,000), social assistance (25,000), wholesale trade (24,000), retail (23,000), mining (21,000) and financial activities (16,000) The strong month made a contribution.
In other service categories, personal and laundry services as agents for general business activities increased by 19,000.
The Bureau of Labor Statistics noticed persistent classification errors affecting classification counts and stated that the unemployment rate may be 0.4 percentage points higher.
Signs of growth abound
At the time of the report, there were many other indicators that indicated that the economy will achieve strong growth as the United States tries to escape the impact of the Covid-19 epidemic. After a year of capacity reduction operations, states and municipalities across the country continued to reopen.
Despite restrictions, business activities have returned to normal levels in most areas of the company. Jeffries trackers pointed out that business activities have reached 93.5% of pre-pandemic levels.
Data from Homebase shows that in the past month, employees’ working hours and working hours have increased significantly, and significant improvements have been made in reception and entertainment. These are the most severely affected sectors, but they have improved in the past two months because the government has relaxed the most severe restrictions on activities.
At the same time, the manufacturing industry is in a period of prosperity, and the Supply Management Association’s measurement of industry activity has reached the highest level since late March 1983.
Although Fed officials have stated that any increase is temporary, the pace of the increase combined with unprecedented government stimulus measures has raised concerns about inflation.
The Fed has been paying close attention to employment data, but policymakers have repeatedly reiterated that even with recent improvements, the labor market is still far from approaching the point where the central bank raises interest rates.
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