Employment Surges To 5.5% Below Feb 2020

The economy added 916,000 jobs in March, above the Bloomberg consensus of 647,000.

(Click on image to enlarge)

Figure 1: Nonfarm payroll employment (dark blue), Bloomberg consensus as of 4/1 for March nonfarm payroll employment (light blue square), industrial production (red), personal income excluding transfers in Ch.2012$ (green), manufacturing and trade sales in Ch.2012$ (black), consumption in Ch.2012$ (light blue), and monthly GDP in Ch.2012$ (pink), all log normalized to 2020M02=0. Source: BLS, Federal Reserve, BEA, via FRED, IHS Markit (nee Macroeconomic Advisers) (3/1/2021 release), NBER, and author’s calculations.

On the strength of the labor market, see Baum and Klein at EconoFact.

Disclosure: None.

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