March Jobs Report Beats Expectations; Shows Strong Growth
The March Jobs Report from the Bureau of Labor Statistics blew past previous expectations showing an economy primed for job growth as the nation recovers from the Coronavirus pandemic.
The job growth exceeded the Dow Jones estimates for 675,000, showing gains that were the most robust since last August.
Highlights of the Jobs Report include:
- Total employment rebounding: Total nonfarm payroll employment increased by 916,000 in March while it remains down 5.5 percent from its pre-pandemic peak in February 2020.
- Growth in leisure and hospitality grew in March following strong growth in February.
- The largest gains were in leisure and hospitality, public and private education, and construction.
- Pandemic restrictions easing in much of the country pushed up employment in leisure and hospitality by 280,000.
- As in February, food services and drinking places accounted for the lion’s share of the increases of 176,000 jobs.In good news for the arts, entertainment, and recreation sectors, there were an additional 64,000 jobs added and 40,000 in accommodation (+40,000). Employment in leisure and hospitality is down by 3.1 million, or 18.5 percent, since February 2020.
- The resumption of in-person schooling is leading to a hot market for educators and education professionals. Employment rose by 76,000 in local government education, by 50,000 in state government education, and by 64,000 in private education.
- Construction seems to be bouncing back, adding 110,000 jobs in March, following job losses in the previous month of 56,000 that may have been partially seasonal.
- Employment in professional and business services rose by 66,000 over the month but is down by 685,000 since February 2020. The major winners here were administrative and support services (up by 37,000), management and technical consulting services (+8,000) and in computer systems design and related services (+6,000).
- Manufacturing employment rose by 53,000 in March.
- Retail trade added 23,000 jobs in March. Job growth in clothing and clothing accessories stores were up 16,000, motor vehicle and parts dealers were up by 13,000, and furniture and home furnishing stores were up by 6,000. These gains were partially offset by losses in building material and garden supply stores (-9,000) and general merchandise stores (-7,000). Employment in retail trade is 381,000 below its February 2020 level.
An Eye on Recovery
As the economy recovers, we’ll be taking a deep dive on the industries that we know best, including: