The number of new jobs in March increased by more than 900 thousand.
US employers hired more workers in March than previously expected, thanks to an accelerated vaccination campaign and increased government assistance to companies affected by the pandemic. This reinforced expectations of a coming economic boom.
On Friday, the Labor Department reported that 916,000 new jobs were created outside the March agricultural sector. This is the biggest increase since August last year. The data for February was revised upward, revealing that 468,000 jobs were created in the US in February, up from 379,000 as previously reported.
President Joe Biden welcomed the March job growth data, indicating that the US can hope for an early recovery in an economy ravaged by the pandemic.
“Finally, there is hope… The credit for this progress belongs not to me, but to the American people – the hardworking women and men who have overcome this,” the president said in a televised address to the nation.
“After this great news, I must also unequivocally and directly warn the American people that the progress we have worked so hard to achieve can be reversed,” the president said, drawing attention to the recent surge in coronavirus infections in several states.
President Biden asked Americans to remain vigilant, despite the optimism generated by the country’s active vaccination campaign.
“I’m begging you… We need to finish this job,” Biden said, “we need every American to make a commitment and stay vigilant.””
Economists polled by Reuters had forecast 647,000 new jobs in March. The unemployment rate fell to 6.0% last month, down from 6.2% in February. It should be borne in mind that real unemployment may be higher since some Americans mistakenly classify themselves as “employed, but absent from work.”