Article

2021-04-03 Economy

Economy beat expectations in March with 916,000 new jobs as pandemic wanes, unemployment down to 6%

[Washington Examiner] The economy beat expectations by adding 916,000 new jobs in March while the unemployment rate dropped to 6% as businesses recover from the COVID-19 pandemic, the Bureau of Labor Statistics reported Friday.

Forecasters had anticipated some 647,000 new nonfarm payroll jobs.

Friday's numbers were a "huge upside surprise," said Mark Hamrick, the senior economic analyst for Bankrate.com.

"In the coming months, we can expect more jobs added, and the headline unemployment rate should sink into the 5% range," he said.

In its Friday release, the Bureau of Labor Statistics revised up its January and February estimates by 156,000 total jobs.

Demand for labor has increased as stores, restaurants, and other businesses keep emerging from the yearlong slump brought on by pandemic restrictions. More and more people are getting vaccinated for COVID-19, the major factor at play in how quickly the economy can regain its pre-pandemic footing.

The growth also comes as the U.S. economy feels the effects of President Joe Biden’s $1.9 trillion COVID-19 relief package, which provided many consumers eager to venture out of their homes with $1,400 stimulus checks to spend. The American Rescue Plan Act was the third round of stimulus money that went out to consumers, and many who saved the money from the previous stimulus checks may now be looking to go out and spend. Biden is seeking now to pass a $2 trillion infrastructure plan.

Posted by Besoeker 2021-04-03 03:37|| || Front Page|| [11134 views ] Top

#1 And here I thought the economy was totally destroyed by lockdowns & masks - except in South Dakota, of course.

Posted by g(r)omgoru 2021-04-03 04:44|| 2021-04-03 04:44|| Front Page Top

#2 Remember we are in Obama II. That means those who've been unemployed for more the 'x' months are dropped from the calculation. Said calculations will be 'readjusted' at a later date. No analysis of where the jobs are growing.

Posted by Procopius2k 2021-04-03 07:33|| 2021-04-03 07:33|| Front Page Top

#3 Pent up demand is a thing. Even economists acknowledge that it exists, is real and its effects can be seen, sometimes even measured.

Posted by M. Murcek 2021-04-03 08:37|| 2021-04-03 08:37|| Front Page Top

#4 Better ramp up the suppression. Flatten the cur-- I mean, wait for the vaccine-- I mean, Lookout! Variant strains!!! Get back inside, peasants!

Posted by Phomosing Smiter of the Visigoths8507 2021-04-03 10:37|| 2021-04-03 10:37|| Front Page Top

#5 And Biden's* approval rating is 60%.

And here I thought the economy was totally destroyed by lockdowns & masks - except in South Dakota, of course.

You understand this is because states are shoving lockdown rules. Governess Catlady tried to extend 'emergency procedures' and our State Congress said Up Yours.

And that by 'new jobs', they mean the new federal positions created by these multi-$trillion tax dollar initiatives for things like illegal immigrant babysitter and military diversity officer or immigrant road crew with the quality return on investment necessary to need to do it again in 2 years.

At what production level does a federal employee make enough money to help pay off the federal debt?

This is all -In Spite Of- calls for lockdown, and mentions nothing of debt or inflation pace vs. interest rates, or the devaluation of the US Dollar compared to savings value 2019; that is a $401K having the value of $380k 2019 Dollars (as example).

It would not surprise me, however, that certain private sector jobs were created in the Political Advisor category and certain staff positions at places like The French Laundry, and now immigrant ward heeler.

Posted by swksvolFF 2021-04-03 11:51|| 2021-04-03 11:51|| Front Page Top

#6 Just wait until the taxes start to bite.

Posted by Abu Uluque 2021-04-03 13:53|| 2021-04-03 13:53|| Front Page Top

#7 If you are almost stopped it is easy to have growth.
What is matter is when wealth will be higher than before pandemic.

Posted by Thorong Grundy1520 2021-04-03 16:50|| 2021-04-03 16:50|| Front Page Top

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