May 19, 2020

March job report: Highest growth in three years

Job increase
Job report
Bizclik Editor
1 min
March job report: Highest growth in three years
In recent weeks we’ve seen things such as the jobless claims number falling and a new jobs bill, and we’ve presumed the economy was on its way to a substantial rebirth. Yesterday, we saw the surest sign of this upsurge when according to a government report, the US economy gained more jobs in March than any other month in the past three years.

Despite the increase in employment, the unemployment rate stayed at 9.7 percent. The majority of economists don’t believe hiring will go at a rapid enough pace to curb unemployment significantly. The increase in employment was actually less than predicted by many analysts.

The numbers may have been inflated by the Census bureau adding 48,000 jobs. It also may have benefited from the fact February was a tremendously slow month due to poor weather. Yet despite these factors, the report is good news considering it’s the first significant gain in three years.

Perhaps most surprising was the fact the added jobs were increased across nearly every major sector: construction, manufacturing, retail, hospitality, etc. “Every major industry, except financial services and information, showed gains in employment. From manufacturing, to construction, to retail, it really didn’t matter. They’re all hiring now,” John Ryding, chief economist at RDQ Economics, stated to The New York Times.

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