The labor market’s recovery from the damage caused by the COVID-19 pandemic gained further momentum in March as states continued to ease restrictions, boosting hiring in leisure and hospitality.
Employers added 916,000 jobs in March and the gains from February were revised higher to 468,000 jobs, the Labor Department said Friday. Economists surveyed by Refinitiv expected the addition of 647,000 jobs.
The unemployment rate, meanwhile, ticked down to 6%, its lowest level since the COVID-19 pandemic caused many businesses to at least temporarily close their doors in March of last year. The unemployment rate peaked at a record high of 14.7% in April 2020.
Despite the gains, the U.S. economy has 8.4 million fewer jobs than it did before the pandemic.
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