[Washington Examiner] The economy beat expectations by adding 916,000 new jobs in March while the unemployment rate dropped to 6% as businesses recover from the COVID-19 pandemic, the Bureau of Labor Statistics reported Friday.
Forecasters had anticipated some 647,000 new nonfarm payroll jobs.
Friday's numbers were a "huge upside surprise," said Mark Hamrick, the senior economic analyst for Bankrate.com.
"In the coming months, we can expect more jobs added, and the headline unemployment rate should sink into the 5% range," he said.
In its Friday release, the Bureau of Labor Statistics revised up its January and February estimates by 156,000 total jobs.
Demand for labor has increased as stores, restaurants, and other businesses keep emerging from the yearlong slump brought on by pandemic restrictions. More and more people are getting vaccinated for COVID-19, the major factor at play in how quickly the economy can regain its pre-pandemic footing.
The growth also comes as the U.S. economy feels the effects of President Joe Biden’s $1.9 trillion COVID-19 relief package, which provided many consumers eager to venture out of their homes with $1,400 stimulus checks to spend. The American Rescue Plan Act was the third round of stimulus money that went out to consumers, and many who saved the money from the previous stimulus checks may now be looking to go out and spend. Biden is seeking now to pass a $2 trillion infrastructure plan. |