March Sees 916,000 Jobs Added as U.S. Economy Surges Forward
In March, U.S. employers boosted payrolls by 916,000 jobs while the unemployment rate dropped to 6%, driven by widespread vaccine distribution and business reopenings.
The unemployment rate dropped to 6% amid a hiring surge in March.
In March, U.S. businesses embarked on an impressive hiring spree, adding 916,000 jobs as the extensive vaccine rollout and reopening of the economy encouraged employers to expand their workforce.
The labor force participation rate edged up slightly, contributing to a decline in the unemployment rate from 6.2% to 6%, according to the Department of Labor. Economists had forecasted job growth between 650,000 and 700,000, making March’s increase the largest since August 2020, when 1.58 million jobs were created.
The services sector, which endured the brunt of the pandemic’s impact, saw the most significant hiring gains. Leisure and hospitality added 280,000 jobs, fueled by the reopening of restaurants and bars nationwide. Additional job growth came from various other sectors:
Despite the strong employment gains, the Labor Department reports that 9.5 million Americans remain unemployed due to the pandemic. Temporary layoffs decreased by 203,000 in March, falling to 2 million, a significant drop from the April 2020 peak of 18 million, yet still 1.3 million higher than February 2020. Permanent job losses remained steady at 3.4 million in March, representing an increase of 2.1 million compared to pre-pandemic levels.
The long-term unemployed—those out of work for 27 weeks or more—numbered 4.2 million in March, persistently high and accounting for 43.4% of all unemployed individuals. Meanwhile, those unemployed for five to 14 weeks decreased by 313,000 to 1.9 million, and the count of individuals jobless less than five weeks remained steady at 2.2 million.
Unemployment rates by race reveal an uneven recovery in March. The Black unemployment rate fell from 9.9% to 9.6%, while the Hispanic rate dropped from 8.5% to 7.9%. Conversely, Asian unemployment rose from 5.1% to 6%, and the white unemployment rate slightly declined from 5.5% to 5.4%.
Discover engaging topics and analytical content in Finance News as of 07-04-2021. The article titled " March Sees 916,000 Jobs Added as U.S. Economy Surges Forward " provides new insights and practical guidance in the Finance News field. Each topic is meticulously analyzed to deliver actionable information to readers.
The topic " March Sees 916,000 Jobs Added as U.S. Economy Surges Forward " helps you make smarter decisions within the Finance News category. All topics on our website are unique and offer valuable content for our audience.