Sharp increase in employment in the United States: 916,000 jobs added in March

The United States Department of Labor reported on Friday that 916,000 jobs were created in March, more than expected, against 468,000 the previous month.

A survey of 90 economists carried out by the press agency Reuters predicted that job creation would reach 647,000.

Unemployment rate in the United States fell to 6% from 6.2%, according to the Ministry of Labor, against a forecast of 6.0%. As for the indicator of the average hourly wage, it fell 0.1% in March. The forecast was for an increase of 0.1%.

The work market seems to be back on track after losing 306,000 jobs in December, thanks to the acceleration of the vaccination rate against COVID-19, which allows the reopening of more companies.

White House’s massive $ 1.9 trillion pandemic relief package sends additional checks for $ 1,400 to eligible households and extend the government safety net for the unemployed until September 6, stimulating consumer spending.

A report released Thursday by the firm Challenger, Gray & Christmas showed that job cuts announced by U.S. companies fell 11% in March to 30,603, the lowest figure since July 2018.

The improving the labor market was highlighted by a Conference Board poll this week that showed its measure of household employment rebounded in March after three consecutive months of decline.

However, the labor market is still far from fully recovered. Unemployment claims remain above the peak of 665,000 people reached during the Great Recession of 2007-2009. In a healthy job market, applications typically range from 200,000 to 250,000.

As the economy begins to recover from shutdowns caused by the COVID-19 emergency, there are still 8.4 million fewer jobs than before the pandemic, the government said.

(With information from Reuters)

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