The Jobs Report – March 2021

What you need to know:

1. This is a huge report that beat most economists’ estimates.
2. Revisions to the prior two months added an additional 156k jobs.
3. Private sector added 780k jobs while government added 136k.
4. Confirming the strength of the housing market, construction added 110k jobs.
5. The reopening of the economy allowed the Leisure and Hospitality industry to add 280k jobs.
6. Temporary help added 101k and over 200k workers re-entered the workforce in March – a very positive sign.
7. The unemployment rate dropped to 6%, but more importantly, the underemployment rate, which the Fed is now watching closely, dropped to 10.7% from 11.1%.
8. We expect to see numbers like this, if not larger, for months to come.