The U.S. Added 916,000 Jobs In March As The Recovery Gained Steam
The U.S. jobs rebound picked up steam last month, fueled by the accelerating pace of vaccinations and a new injection of federal aid. The unemployment rate fell to 6%, down from 6.2% in February.
The leisure and hospitality sector led the way, adding 280,000 jobs as Americans returned to restaurants and resorts in greater numbers. Construction firms added 110,000 jobs as the housing market stayed strong and activity resumed following winter storms in February.
The report came one year after the pandemic ripped a hole in the American labor market. The U.S. economy lost 1.7 million jobs in March 2020 and more than 20 million in April, when the un-employment rate peaked at nearly 15%.
The job market bounced back quickly at first, but progress began to slow as virus cases surged and states reimposed restrictions on businesses. Over the winter, the recovery stalled out, with employers cutting more than 300,000 jobs in December.
Source: NYTimes, 04.02.2021
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