US Economy in Growth Mode as Employers Add 916,000 Jobs in March

#jobs #NFPs #growth

We expect the strong growing US economic activity will continue to translate into more jobs, as higher consumer spending, fueled by stimulus checks and pent-up savings, should continue drive job growth across all sectors.” — Paul Ebeling

American businesses are in hiring mode. In March they hired 916,000 workers, a signal that the strong recovery from the VirusCasedemic instant recession has taken hold as vaccinations accelerate and businesses reopen.

The March increase was nearly 2X February’s gainer of 468,000, the US Labor Department said Friday. The unemployment rate declined from 6.2% to 6%.

Consumer confidence in March reached its highest mark in many months as hiring strengthened across the economy. A survey found that manufacturing grew in March at its fastest pace since Y 1983

Restaurants, hotels and bars, the sector that was heavily damaged by the virus restrictions added 216,000 jobs. Construction companies, aided by good weather gained 110,000 jobs.

Manufacturers added 53,000 jobs, professional and business services, which include such well-paying fields as engineering and architecture, gained 66,000 jobs.

Have a healthy happy holiday weekend, Keep the Faith!