The number of new jobs in March blew past expectations. For the month, the Labor Department reported 916,000 new jobs, the most since last summer. Unemployment fell to 6%. CNBC writes:
Economists surveyed by Dow Jones had been looking for an increase of 675,000 and an unemployment rate of 6%. The total was the highest since the 1.58 million added in August 2020.
“We were expecting a big number and today’s jobs report delivered in a major way. 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,” said Eric Merlis, head of global markets trading at Citizens.
Politico reports that even with the good numbers, the economy is still 8 million jobs short of where it was when the pandemic kicked in a year ago.
But several indicators show the economy is turning around. Manufacturing is up, as is consumer confidence. And Americans are spending their Covid relief money.