U.S.: Strong job creation backed by vaccination, re-openings and massive fiscal support


March saw an addition of 916,000 jobs to nonfarm payroll and a drop in the unemployment rate by 0.2pp to 6.0%. This high uptick in the employment situation was brought about by a successful vaccination campaign, the ongoing reopening of the economy and massive fiscal support.

Key points

  • Confluence of Covid-19, vaccinations and fiscal policy lifts nonfarm payroll by 916,000
  • Nontrivial shares of job creation originated from leisure and hospitality, construction and education
  • Despite strong increases in employment, unemployment rates remain stubbornly high especially between demographic groups
  • Residual impact from the end of the pandemic and fiscal stimulus will likely carry over to the next months, but the labor market is still far from pre-pandemic levels

 

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