Shoppers are seen gathering inside the indoor Farmer's Market in Philadelphia, Pennsylvania, on March 19, 2021 amid the Coronavirus pandemic restrictions.Businesses in the US added 916,000 jobs in March, beating the projected gain of 660,000.The unemployment rate fell to 6.0% from 6.2%, matching the median economist estimate.Hiring in the US rebounded in March as early reopening throughout the country and massive stimulus revived economic activity.
The U-6 unemployment rate — which includes Americans employed part-time for economic reasons and those marginally attached to the labor force — fell to 10.7% from 11.1%. The labor force participation rate edged higher to 61.5% from 61.4%.The agency's monthly report offers economists the most detailed look at how hiring accelerated amid new stimulus and eased lockdowns. The data also dives into the nature of work during the pandemic and previews permanent changes in the labor market.
About 2 million people classified their unemployment as temporary, compared to 2.2 million Americans in February. That reading is only a fraction of the 18 million seen at the April 2020 peak, but compares to pre-pandemic levels of about 700,000. All the while, the country's rate of vaccination climbed and pulled forward estimates for when the economy can fully reopen. Roughly 2.8 million vaccines were being administered every day on average by the end of last month, up from 1.7 million on the last day of February. At the current pace, it would take about four months to inoculate 75% of the population, according toThe $1.9 trillion relief package passed in March also juiced the recovery last month.
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