The USA economy is showing signs of recovery from the pandemic as the labor market added 916,000 jobs in March, with nearly a third of the increase in leisure and hospitality sector, reports AFP citing the Labor Department Report published April 2.
The rise, the biggest since August, in hiring pushed the unemployment rate down to 6.0 percent from 6.2 percent in February in the USA.
However, even as the economy begins to recover from the Covid-19 shutdowns, employment is still 8.4 million jobs lower than the pre-pandemic peak, the report said.
The massive gain in new employment is largely due to business reopening and full swing vaccination drive.
According to the report, new job creation was happened in manufacturing, construction and education, but leisure and hospitality, hard-hit by the pandemic induced shutdowns, topped the list, regaining 280,000 — 176,000 of those in restaurants and bars.
Meantime, the University of Oxford has made prediction that the USA labor market will regain some 7.5 million jobs in 2021 with the unemployment rate falling to 4.3 percent.