US Payrolls Jump By 916,000 In March, Beat Forecasts

Job growth in the United States rocketted in March, growing at the fastest pace since last summer, a robust economic revival and an aggressive vaccination effort contributed to a surge in hospitality and construction jobs.

Nonfarm payrolls increased by 916,000 for the month while the unemployment rate fell to 6%.

Most analysts and economists were looking for an increase of around 67o,000 and an unemployment rate of 6%. The total was the highest since the 1.58 million added in August 2020.

The only concern for a solid jobs number is the fears of a sharp hike in Covid cases, which may lead to some restrictions. US Bond yields rallied post the strong jobs number.