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    U.S. | Strong job creation backed by vaccination, reopenings and massive fiscal support

    Published on Friday, April 2, 2021

    U.S. | Strong job creation backed by vaccination, reopenings and massive fiscal support

    Summary

    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

    • 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

    Geographies

    Authors

    Adrian Casillas
    Nathaniel Karp
    Marcial Nava

    Documents and files

    Report (PDF)

    Employment-Watch-02Apr21.pdf

    English - April 2, 2021

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