The United States economy saw added relief with 916,000 jobs added in March 2021, and unemployment dropped to six percent. This is the strongest hint that the labor market is working back to pre-pandemic norms as the number of people receiving vaccinations continues to increase.
The Bureau of Labor Statistics released the hiring and employment data that surpasses economists’ predictions of 675,000 added positions. The total number of jobs was revised for January by an increase of 67,000 and 89,000 in February. Industries critical to economic recovery had some of the most significant gains: Leisure and hospitality added 280,000 new jobs, construction gained 110,000 new positions, and bars and restaurants posted another 176,000.
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A chief economist in the US said light could be seen at the end of the dark tunnel. All adults are eligible for the vaccine, which will lead to more permanent, widespread reopening across the board. This will work to steady the ship of the economy, he said. The US is averaging right at three million vaccinations a day, according to the Centers for Disease Control and Prevention.