US Economy Adds 916,000 Jobs in March, Unemployment Rate Down to 6 Percent
WASHINGTON, D.C. — The U.S. economy added 916,000 jobs in March, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 675,000 jobs, and this increase was the largest spike seen since August 2020. The unemployment rate fell to 6 percent in March. Revisions added 156,000 jobs to the totals for January and February.
This growth follows the widespread administration of the COVID-19 vaccines and President Joe Biden’s $1.9 trillion stimulus package. However, there is still about 5 million less Americans who are working this year compared to a year ago. Additionally, economists surveyed by CNBC are worried about inflation due to the government stimulus money.
Over the past year, the hospitality and entertainment industries have been among the hardest hit job sectors, but with less government restrictions, these industries have been able to recover. The leisure and hospitality sector saw the most growth in March with 280,000 new jobs. With lessening pandemic restrictions, restaurants and bars are starting to open back up to more people. Restaurants and bars saw 176,000 jobs added to their sector as well. The hospitality and leisure sector, however, still is 3.1 million jobs below its pre-pandemic total in February of last year.
The construction and education sectors also gained momentum in March. The construction industry added 110,000 jobs, while local, state and private education saw a total of 190,000 jobs added.
Additionally, transportation and warehousing firms added 48,000 jobs, wholesale trade added 24,000 jobs, retail added 23,000 new jobs and mining added 21,000 jobs.