US Adds 916,000 Jobs in March; Jobless Rate Down 6%

April 07, 2021 05:26 PM AEST | By Team Kalkine Media
 US Adds 916,000 Jobs in March; Jobless Rate Down 6%

Source: Pixabay

Summary

  • Job growth in March highest since August 2020.
  • Unemployment rate dropped 0.2 percent from February.
  • Employment still down by 8.4 million from the pre-pandemic high in February 2020.

The U.S. economy added 916,000 non-farm jobs during March, according to the latest data from the U.S. Bureau of Labor Statistics. This is the highest growth since August 2020.

The monthly growth in non-farm payroll employment reflects the continued recovery in economic activities, which were crippled in early 2020 following the coronavirus outbreak.

The increased availability of COVID-19 vaccines and the US$1.9 trillion COVID relief package are expected to power the country’s economic recovery. Recently, President Joe Biden unveiled his US$2 trillion infrastructure spending plan to give a further push to the economy.

Reiterating similar views, U.S. Secretary of Labor Marty Walsh said that the ongoing vaccination campaign and “extensive economic relief” is having a positive effect on the economy.

All the sectors added jobs during the month. The leisure and hospitality sector added 280,000 jobs while construction sector and manufacturing gained 110,000 jobs and 53,000 jobs, respectively. The public and private education sector added 190,000 jobs in March.

However, private non-farm payrolls’ average hourly earnings dropped 4 cents to US$29.96 in March.

 

Unemployment Rate

The unemployment rate in March declined to 6 percent from 6.2 percent in February. The number of unemployed persons totaled 9.7 million during the month.

The Bureau of Labor Statistics noted that the unemployment rate is considerably low from the April 2020 high.

Yet, the jobless rate is 2.5 percentage points higher than the rate in February 2020.

Image Source: Refinitiv, US Unemployment Rate in 2 years.

The individuals on temporary layoff declined by 203,000 to 2 million in March. However, it figures are higher than the 1.3 million recorded in February 2020. Meanwhile, the number of persons who lost their jobs permanently remained flat at 3.4 million. The permanent job loss totaled 2.1 million in February 2020.

The total nonfarm payroll employment in the U.S. during March is down by 8.4 million, or 5.5 percent, from its pre-pandemic high in February 2020.

The U.S. economy lost 20.6 million jobs in April 2020 amid the economic impact caused by the coronavirus pandemic. Since then, the labor statistics reported job additions every month except in December.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.