March 2021 Jobs Report Continues Upward Trend
The job market continues its positive, upward trend as seen in the latest jobs report. A whopping 916,000 jobs were added in March — a much higher number than expected — signaling a recovering economy. More industries are bouncing back in large part to growing vaccination efforts across the country, as well as a new stimulus package approved by Congress. This has allowed many businesses to continue their reopening plans which not only adds new jobs but brings back positions that were on temporary hold.
“We were expecting a big number and today’s jobs report delivered in a major way,” said Eric Merlis, head of global markets training at Citizens in a report by CNBC. “It is the flip side of what we saw for March of last year and another clear sign that the U.S. economy is on a strong path to recovery.”
We once again saw previous job report numbers revised for the better — January job numbers were updated to 233,000 (previously 166,000 and originally 49,000) and February numbers were updated to 468,000 (previously 379,000). These gains, even retroactively, are a promising sign for future months.
While previous months’ job gains favored some industries over others, this latest report is showing improvements across the board. Leisure and hospitality are having their day thanks to easing restrictions across the country, accounting for 280,000 jobs; and manufacturing continues its comeback with 53,000 added jobs. While many numbers are still not at their pre-pandemic levels, we are seemingly back on track for a 2021 rebound.