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President Joe Biden, after tackling Covid-19 is now having a positive effect on the economy!

Jobs report blows past expectations as payrolls boom by 916,000 in March

 

  • Nonfarm payrolls rose by 916,000 in March, while the unemployment rate declined to 6%.
  • The job growth was well ahead of Dow Jones estimates for 675,000 and the fastest since August 2020.
  • Gains were strongest in leisure and hospitality, while construction soared by 110,000.
  • Revisions also added 156,000 jobs to the totals for January and February.

 

 

Job growth boomed in March at the fastest pace since last summer, as stronger economic growth and an aggressive vaccination effort contributed to a surge in hospitality and construction jobs, the Labor Department reported Friday.

Nonfarm payrolls increased by 916,000 for the month while the unemployment rate fell to 6%.

Economists surveyed by Dow Jones had been looking for an increase of 675,000 and an unemployment rate of 6%. The total was the highest since the 1.58 million added in August 2020.

"It shows that the economy is healing, that those who lost their jobs are coming back into the workforce as the recovery continues and restrictions are lifted," said Quincy Krosby, chief market strategist at Prudential Financial. "The only concern here is if we have another wave of Covid that leads to another round of closures."

Stock market futures showed muted reaction to the numbers, though government bond yields rose. Wall Street is not open for trading Friday, and the bond market is on a shortened day due to the Good Friday observance.

Employment gains were broad-based, but were especially strong in areas hit worst by the pandemic. A more encompassing measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons dropped to 10.7% from 11.1% in February.

The labor force continued to grow after losing more than 6 million Americans at one point last year. Another 347,000 workers came back, bringing the labor force participation rate to 61.5%, compared to 63.3% in February 2020.

There are still nearly 7.9 million fewer Americans counted as employed than in February 2020, while the labor force is down 3.9 million.

Leisure and hospitality, a sector critical to restoring the jobs market to its former strength, showed the strongest gains for the month with 280,000 new hires. Bars and restaurants added 176,000, while arts, entertainment and recreation contributed 64,000 to the total.

Even with the continued gains, the sector remains 3.1 million below its pre-pandemic total in February 2020.

With students heading back into schools, education hiring boomed during the month as well. Local, state and private education institutions combined to hire 190,000 more employees for the month.

Construction also saw a healthy gain of 110,000 new jobs, while professional and business services added 66,000 and manufacturing increased by 53,000. For construction, it was the strongest month of hiring since June 2020.

In addition to the powerful gains for March, previous months also were revised considerably higher. The January total increased 67,000 to 233,000, while February's revisions brought the total up by 89,000 to 468,000.

A slew of other industries also added jobs: Transportation and warehousing (48,000), other services (42,000), social assistance (25,000), wholesale trade (24,000), retail (23,000), mining (21,000), and financial activities (16,000) contributed to the strong month.

Within the other services category, personal and laundry services, which serves as a proxy for general business activity, saw an increase of 19,000.

"We were expecting a big number and today's jobs report delivered in a major way. It is the flip side of what we saw for March of last year and another clear sign that the U.S. economy is on a strong path to recovery," said Eric Merlis, head of global markets trading at Citizens.

The Bureau of Labor Statistics noted ongoing classification errors that affect the count, and said the unemployment rate could have been as much as 0.4 percentage points higher.

Growth signs abound

The report comes amid a slew of other indicators pointing to stronger growth as the U.S. tries to shake off the effects of the Covid-19 pandemic. States and municipalities across the country continue to reopen after a year of operating at reduced capacity.

Business activity has returned to close to normal levels in much of the country despite the restrictions, with a tracker by Jefferies indicating that activity is at 93.5% of its pre-pandemic level.

Data from Homebase shows that employees working and hours worked both gained sharply over the past month, with significant improvements in both hospitality and entertainment. Those have been the hardest-hit sectors, but have improved over the past two months as governments have loosened up on some of the harshest restrictions on activity.

At the same time, manufacturing is enjoying a boom, with an Institute for Supply Management gauge of activity in the sector hitting its highest level since late 1983 in March.

The pace of gains combined with the unprecedented level of government stimulus has kindled worries about inflation, though Federal Reserve officials say any increases will be temporary.

The Fed is keeping a close eye on the jobs data, but policymakers have said repeatedly that even with the recent improvements, the labor market is nowhere near a point that would push the central bank into raising interest rates.

However, several economists speculated that the March jobs numbers could push the Fed into slowing the pace of its monthly asset purchase program by the end of the year.

"While the gaudy hiring numbers for March won't lead to an immediate policy shift, if the economy puts together a string of months like what we've seen in March, it will only be a matter of time before expectations on the start of Fed tapering will move up to late 2021, also pulling forward market expectations for the first interest-rate hike into the latter part of 2023," wrote Joseph Brusuelas, chief economist at RSM.

The Fed currently is buying at least $120 billion of bonds each month while it holds short-term borrowing rates near zero.

 

 

 

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“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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CNBC!!!  LOL.  Besides, if this is all so great, wouldn't Trump actually deserve a big portion of the credit?  Libs take all the credit for anything good, and blame Trump for anything bad.  Can't have it both ways/all ways you motherfuckers. :classic_biggrin:

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Hip, let us know the first time you start a negative Biden thread!  LOL.  Fun to cherry pick, isn't it?  Prop up the senile old coot.  His policies will create a ton of bad times.  Will you be here to honestly discuss them?  We all know you won't.

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Glad people are getting jobs and getting off assistance. Great for everyone. I don’t care who’s president.

I don’t care who you want to credit either.

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Natural progression for that to happen after so many people were out of work for a year.

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Sack "The Buffalo Range's TRUSTED News Source!"

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” ~ Dresden James

Parler @NYexile

 

 

 

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18 hours ago, SackMan518 said:

Natural progression for that to happen after so many people were out of work for a year.

EXACTLY.  Let's all check back a full year after the end of the pandemic.

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@JoeFerguson Why is that funny?? It's just a news item. Try to overcome your brain damage. Life will feel much better

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“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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Hip = Raging queen liberal democrat.  Do NOT be fooled when he claims to be moderate.  Read his words for yourself.  Obvious.

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3 hours ago, HipKat said:

@JoeFerguson Why is that funny?? It's just a news item. Try to overcome your brain damage. Life will feel much better

Joe Bidung is responsible for lowering Covid cases? Will this useless, dumb old fart be responsible if Covid cases rise again? Nope, this old fuck nut and the rats in the media will say it's Trump's fault .

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I am a little scared on where Joe might go on some of the social issues, but right now the economy is doing well and I’m happy about that. 

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Ed Oliver is my adopt-a-Bill

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8 hours ago, JoeFerguson said:

Joe Bidung is responsible for lowering Covid cases? Will this useless, dumb old fart be responsible if Covid cases rise again? Nope, this old fuck nut and the rats in the media will say it's Trump's fault .

I said TACKLING Covid 19. Learn how to read


“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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Liberal rats in the media like CNBC will say things like. "See how good Bidung is? Covid cases is lowering because of him!" And you moronic sheeple lap it up like the good tards that you are.

No way I will fall for that line of dung, bullshit news.

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7 hours ago, JoeFerguson said:

Liberal rats in the media like CNBC will say things like. "See how good Bidung is? Covid cases is lowering because of him!" And you moronic sheeple lap it up like the good tards that you are.

No way I will fall for that line of dung, bullshit news.

But when Trump rode the economic wave that started under Obama it was all "Trump's Economy" to you simple minded MAGA's. You're rule should apply here, just like dumbass trying to pin every death since Biden took over on Biden.

You don't get it both ways. Bottom line is, Biden's policies have highly accelerated the number of vaccines being given. I got my first shot yesterday.3 months ago, I wasn't going to be eligible til July. 

Quit yer fukin whining


“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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On 4/4/2021 at 7:29 AM, HipKat said:

I said TACKLING Covid 19. Learn how to read

Trump did all the heavy lifting on covid.

Biden rode the wave Trump set off

You're still stuck on stupid

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14 hours ago, Philly'sFinest said:

Trump did all the heavy lifting on covid.

Biden rode the wave Trump set off

You're still stuck on stupid

True dat

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On 4/5/2021 at 6:04 AM, HipKat said:

But when Trump rode the economic wave that started under Obama it was all "Trump's Economy" to you simple minded MAGA's. You're rule should apply here, just like dumbass trying to pin every death since Biden took over on Biden.

You don't get it both ways. Bottom line is, Biden's policies have highly accelerated the number of vaccines being given. I got my first shot yesterday.3 months ago, I wasn't going to be eligible til July. 

Quit yer fukin whining

Okay so based on your logic over the last 4 years, you are now giving Trump credit here right?  

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31 minutes ago, rcas0308 said:

Okay so based on your logic over the last 4 years, you are now giving Trump credit here right?  

Yeah, for riding the economic wave Obama started and for being culpable for the Covid Death Wave that Biden is now riding

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“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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1 hour ago, HipKat said:

Yeah, for riding the economic wave Obama started and for being culpable for the Covid Death Wave that Biden is now riding

Got ya lol. You know how contradictory this sounds right because you showed data of improvement 

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29 minutes ago, rcas0308 said:

Got ya lol. You know how contradictory this sounds right because you showed data of improvement 

You're right, it is contradictory since there is covid vaccination improvement under Joe Biden and the economy got worse under Donald Trump


“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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3 hours ago, HipKat said:

You're right, it is contradictory since there is covid vaccination improvement under Joe Biden and the economy got worse under Donald Trump

You should change name from HipKat to FlipFlop.  

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On 4/7/2021 at 2:10 AM, Philly'sFinest said:

Trump did all the heavy lifting on covid.

Biden rode the wave Trump set off

You're still stuck on stupid

3ranjvlvx2g64lvzg.jpg

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