Non-farm payroll data indicated that 916,000 jobs were added to the U.S. economy in March, the fastest pace since last summer, while the unemployment rate fell to 6%, according to a prepared release from the Bureau of Labor Statistics (BLS).
“These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic,” the release said.
Leisure and hospitality, public and private education, and construction sectors saw the most growth.
Among demographics, the unemployment rate for Asians rose to 6.0% in March, following a decline in the previous month. The jobless rate for Hispanics edged down to 7.9% over the month, while the rates for adult men (5.8%), adult women (5.7%), teenagers (13.0%), Whites (5.4%), and Blacks (9.6%) were relatively unchanged, the report added.
The economy has seen broad improvement in other areas ranging from retail sales, home sales, and household savings throughout the year.
A drop in unemployment rates from last month is also contributing to the economic recovery. The U.S. in February added 379,000 jobs, fueling economic growth as a slow but steady vaccine rollout continues.
ING analyst James Knightley said in an April 1 note that April’s job growth will exceed one million people, though he noted that there are millions of Americans still unemployed.
“We had been looking for a good figure as better weather in March versus February, a strong vaccination program rollout and ongoing re-opening steps being taken by the individual states lift sentiment, activity and the need for workers.”
