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U.S adds 916,000 jobs in March and unemployment rate drops to 6%

The United States economy added 916,000 jobs in March and the unemployment rate dropped to 6 per cent giving hopes that the recovery accelerated in the month that the US President Joe Biden signed his $1.9 trillion stimulus into law.

Nonfarm payrolls increased by 916,000 in March, and exceeded the economists expectations of 618,000 as predicted by FactSet. This was the best pace since August 2020 and the third-straight month of growth, it may sign that the economy is recovering fast. Hiring last month was broad-based, with particular strength in construction, education, manufacturing and transportation and warehousing .

Covid-19 cases have started to increase again in the past few weeks, but the pace of vaccinations/inoculations is rising faster, giving hopes of bigger improvements in the upcoming months. It’s also important to remember that the Biden administration is preparing a new $3 trillion dollars tax hike to fund their infrastructure and climate change plan, which may increase the economic growth pace and decrease the unemployment rate to historical levels.

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