The rapid development of vaccines and the infusion of new federal aid fueled the recovery
new York- Thanks to the rapid development of vaccines and the infusion of new federal aid, the work rebound in the United States accelerated in the last month.
The Labor Department said on Friday that employers added 916,000 jobs in March, up from 416,000 in February and the highest level since August. The unemployment rate fell to 6% from 6.2% in February.
The report comes a year after the pandemic has plunged the US job market into trouble. By March 2020, the U.S. economy had lost 1.7 million jobs, and when the unemployment rate reached a peak of nearly 15%, the U.S. lost 20 million jobs in April.
The job market recovered quickly at first, but with the increase in virus cases and state restrictions on companies, progress began to slow down. During the winter, the recovery stagnated, and employers abolished more than 300,000 jobs in December.
Economists say the latest data marks a turning point. Last month was the third consecutive month of accelerating recruitment, and there may be even greater growth in the coming months. The March data was collected at the beginning of this month, when most states were expanding the use of vaccines, and it was part of the latest aid plan before most Americans began to collect $1,400 in checks from the federal government.
Michelle Meyer, Bank of America’s chief economist in the United States, said: “The tide is turning.” He said the report “reaffirms the idea that the economy is accelerating significantly in the spring.”
Compared with before the pandemic, the United States still has millions of jobs. Even if employers continue to recruit at the pace of March, it will take months to fill this gap. And the virus is still a risk. As states began to relax restrictions, the number of coronavirus cases in most parts of the country rose again. If this trend evolves into a new wave of infections across the board, it could force some states to regress and prevent recovery.
However, few economists expect a repeat of the winter, and the surge in Covid-19 cases will push the recovery one step back. More than a quarter of American adults have received at least one dose of the coronavirus vaccine, and more than 2 million people receive the vaccine every day. That will allow economic activity to continue to recover.