Far exceeded expectations! US non-farm payrolls jump 916,000 in March

Friday night (April 2), the U.S. March non-farm payrolls recorded an increase of 916,000, far exceeding expectations of an increase of 647,000, the largest increase since August last year; the U.S. unemployment rate in March recorded 6%, unchanged from expectations, the previous value of 6.2%, continued to hit a new low since March last year.

In addition, the number of new non-farm payroll jobs in February was revised upward from 379,000 to 468,000; the number of new non-farm payroll jobs in January was revised upward from 166,000 to 233,000.

After the release of the data, the U.S. dollar index was short-lived, and the yield on the U.S. 10-year Treasury note was once back above 1.7%, but it soon fell back to 1.677%. The U.S. five-year Treasury yield was briefly higher and now stands at 0.93%, up 2.5% for the day.

The U.S. Bureau of Labor Statistics said employment generally grew in March, with leisure and hospitality, public and private education and construction employment growing fastest.

CNBC said employment grew at the fastest pace this March since last summer, as strong economic growth and aggressive vaccination efforts pushed companies to increase hiring. The nonfarm payrolls report comes as a host of other indicators show stronger economic growth as the U.S. tries to shake off the effects of the new crown epidemic. States and municipalities across the country continue to reopen a year after scaling back capacity.

Despite several restrictions, businesses have returned to near normal levels of business activity for the most part, with tracking showing business activity at 93.5% of pre-outbreak levels.

More than 2 million Americans are now being vaccinated daily and economic activity is accelerating. In addition, with a wave of consumer spending supported by the stimulus package about to hit U.S. service providers, companies have a clearer picture of potential demand.

Reuters said analysts surveyed previously expected employment to increase by 647,000 in March. The unemployment rate fell from 6.2 percent in February to 6.0 percent last month. The unemployment rate was underestimated, and they misclassified themselves as “people who are working but not working.

Now it seems clear that analysts have underestimated the recovery of the U.S. job market.

President Joe Biden signed a $1.9 trillion stimulus package last month that should give the job market an extra shot in the arm with renewed support for businesses and individuals. A report released yesterday by the National Federation of Independent Business showed that the percentage of small business owners with job openings reached a record level in March, suggesting that employment will remain strong in the months ahead.