Employment surges in March, as U.S. adds 916,000 jobs

The U.S. economy added 916,000 jobs in March — the biggest monthly gain since August 2020 — according to the Bureau of Labor Statistics. In addition, the unemployment rate edged down to 6.0 percent. In comparison, following the global financial crisis, the unemployment rate didn’t drop to 6.0 percent until 2014.

Employment gains in January and February were also revised upward, to 233,000 and to 468,000, respectively, for a total gain of 156,000 more jobs than previously reported.

In a rapid reaction comment, Oxford Economics noted, “While employment remains 8.4 million lower than pre-COVID, it is poised for an impressive run in the coming months as the combination of expanding vaccine distribution and generous fiscal stimulus leads to a hiring spurt. We foresee the economy adding 7.5 million jobs in 20