E The American Jobs Recovery Out Of The Pandemic Recession Has Improved Along With The Spring Weather

The American Jobs Recovery Out Of The Pandemic Recession Has Improved Along With The Spring Weather. Nonetheless, Some Glaring Long Term Structural Problems Still Remain

 

“The American jobs engine cranked into top gear in March as hiring streamed back in areas hit hard by previous restrictions/anxiety and as vaccinated travelers hit the road to make up for the lost time. Nonfarm payrolls surged 916,000, about a third more than expected. The gains were widespread, led by leisure and hospitality (280,000, though still 3.1 million shy of pre-virus levels or -18.5%). Here, restaurants and bars ramped up staff by 176,000. Also leading the charge were education, construction (rebounding 110,000 after February's weather-related decline), arts and entertainment, and accommodation.” (Sal Guatier, BMO, April 2, 2021)

In March, the US job market improved at its fastest pace since last summer, as the combination of speedy economic recovery and a successful and aggressive vaccination effort contributed to a surge in hospitality and construction jobs.

Nonfarm payrolls rose by 916,000 in March, while the unemployment rate declined to 6%., it's lowest level since the coronavirus pandemic began, as nearly 350,000 people rejoined the labor force last month.

Nonetheless, the huge March gains still left the US with 8.4 million fewer jobs than pre-pandemic levels (or -5.5%), though that milestone could be reached sooner than expected if hiring remains this strong in coming months.

Gains were strongest in leisure and hospitality, while construction soared by 110,000.

The broader U6 unemployment rate, which reflects both unemployed and under-employed workers, slipped a bit lower to 10.7% in March.

Even so, the jobs security problems for those who were unemployed six months or longer worsened in March.  The number of Americans unemployed for six months or longer increased nearly three times the number which existed a year earlier

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