916,000 jobs added in March as COVID-19 business rules soften

Hiring in the United States jumped into high gear in March, as employers added 916,000 booming jobs amid declining Covid-19 case, a relaxation of business constraints in many states and a growing number of Americans receiving vaccinations.

The unemployment rate has fallen from 6.2% at 6%, the lowest in a year, the Labor Ministry said on Friday.

The gains, the largest since August, were again driven by substantial gains in restaurants and bars, as well as in construction and education.

Economists polled by Bloomberg predicted 643,000 more jobs. Another positive point: employment gains for January and February were revised upwards by 156,000 in total.

“The US labor market increased a notch in March,” said economist Leslie Preston of TD Economics.

And “better – much better – numbers are coming” in the second quarter, says Ian Shepherdson, chief economist at Pantheon Macroeconomics.

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