U.S. gains 916,000 new jobs in March and signals strengthening economy

The numbers: Restaurants and other businesses hired the most workers in March in seven months as the U.S. added 916,000 new jobs, signaling the economy is primed for a period of rapid expansion again.

The jobs explosion in March easily exceeded Wall Street forecasts. Economists polled by Dow Jones and The Wall Street Journal had forecast a 675,000 increase.Read: U.S. adds 517,000 private-sector jobs, ADP says, as economy speeds up Employment in construction bounced back after a decline in February tied to poor weather. Builders hired 110,000 people, the largest increase in nine months.

Government employment also surged in March, mostly in state and local education. Some 136,000 jobs were added. The number of jobs created in February was revised 468,000 from 379,000. The increase in January was lifted to 233,000 from 166,000.Nearly 350,000 people joined the labor force in March in another good sign, but the total is still about 3.9 million below pre-pandemic levels. Those missing workers are no longer counted in the official unemployment rate, helping to explain why it’s relatively low now.

Yet even in a best-case scenario, the U.S. is unlikely to quickly recoup all of the 8.4 million jobs that are still missing one year after the onset of the pandemic. The destruction caused by the pandemic, including lost jobs and shuttered businesses, is likely to linger for a few years.What they are saying? “Job growth is now accelerating across the nation, helped by massive fiscal stimulus and a now speedy vaccination program,” said senior economist Sal Guatieri of BMO Capital Markets.

It's boring to sit at home alone, looking for someone to spend time with

These great numbers were before stimulus checks. Even before some of Trump stimulus. Hello inflation.

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