U.S. jobs are bouncing back strong, according to the latest jobs report from the U.S. Department of Labor. Not only did the country see the most job creation last month since the start of the pandemic, but the industries that lost the most jobs saw some of the biggest improvements.
According to the report, the U.S. gained 916,000 jobs last month, which is far more than the 675,000 jobs that analysts expected.
“More importantly, on top of that 900,000, more than 100,000 jobs were added in January and February with upward revisions,” said Mark Hamrick, the senior economic analyst with Bankrate.
These industries saw the most job growth in March:
- Manufacturing with 53,000 jobs added
- Transportation and warehouse with 48,000 jobs added
- Construction with 110,000 jobs added
- Educational institutions with 190,000 jobs added
- Leisure and hospitality with 280,000 jobs added
“Here is the deal: we still have basically 10 million Americans who are still officially listed as unemployed,” said Hamrick. "So, just to get those jobs back, we basically need to do the same number of jobs added in March for each and every month over the next 10 months.”
Analysts are now adjusting their expectations for April’s job growth, expecting 1 million more jobs to be added this month. That is, in part, due to the strong recovery seen in March and the CDC’s latest guidance on travel.
“For federal authorities to basically say, ‘you’re good to go if you are fully vaccinated as long as you wear a mask,’ that is likely not only going to be a green light for travelers but for authorities who might be at the state or local level inclined to impose restrictions,” explained said Hamrick.
Essentially, the guidelines are expected to lead to an even stronger job bounce back this month in the airline, hotel, restaurant, and local tourism industries. Looking a bit further, though, experts, like Hamrick, believe an even bigger Jobs wave is to come with President Joe Biden’s proposed $2 trillion infrastructure bill.
“By spending money on infrastructure, first, you are going to help individuals--many of whom do not have a college education--to work in the skills professions that are needed to get that work done. That helps to address both income and wealth disparities,” Hamrick explained. “I don’t think it is a stretch at all to say it will result in millions of jobs if passed.”
If passed, Hamrick expects the manufacturing and construction industries to see the largest job growth, with billions allocated to improve America's roads, rails and bridges.
Then, tech is expected to see the next largest need for new workers, with the billions more budgeted for improving broadband.