Job growth surged last month at the fastest pace since August 2020, as 916K new jobs were created. It topped by far the 652K expected by the market. According to specialists, the boom is due to the more robust economic growth and the vaccination efforts, which pushed the companies to step up the hiring process.
One of the most affected sectors by the pandemic, Leisure and hospitality, reported the most jobs – 280K. It was followed suit by bars and restaurants with 176K and entertainment and recreation with 64K. However, despite the significant gains, the market is still 3.1 million jobs short compared to February 2020.
At the same time, the unemployment rate came in as expected, at 6%.
Policymakers reiterated that the labor market still has a long way to go so that the central bank could increase interest rates.
Sources: forexfactory.com, cnbc.com