Wow. Big jobs number out of the Bureau of Labor Statistics this morning beating most economist predictions by over 200k. (BLS)
- Total nonfarm payroll employment rose by 916,000 in March, the biggest number since the fall.
- The unemployment rate edged down to 6.0%, it is still 2.5% higher than its pre-pandemic level in February 2020
It wasn’t just a great March, February’s numbers were revised upward by 89,000 to put February’s job creation at +468,000.
Despite weak construction numbers yesterday, the industry lead the way with job growth. Construction added 110,000 jobs in March, followed by professional and business services (+66,000), Manufacturing (+53,000), Transportation and warehousing (+48,000), and services industry (+42,000).
Going forward, economists surveyed by The Wall Street Journal project employers will add an average of 514,000 jobs each month over the next year. That would mark the best 12-month stretch of job creation in decades (WSJ)
Great questions were asked this morning on CNBC when these numbers were dropped. Rick Santelli was questioning whether the continued extension of generous unemployment benefits would dissuade those from jumping back into the workforce. Another good question or point was the possible response of the The Fed to great reports like this one. Could this lead The Fed to be begin tapering earlier than many had thought?