The unemployment rate dropped to 6%, adding 916,000 jobs to the economy. The construction industry, with 110,000 new jobs, represented a significant portion of the employment growth.
In the report, the Department of Labor credited the market improvements to the "continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic….Job growth was widespread in March, led by gains in leisure and hospitality, public and private education, and construction."
Leisure and hospitality grew by 280,000 jobs, with 176,000 coming in food services—a change largely attributed to the decreasing threat of COVID-19 and the hopeful reopening of many restaurants.
Compared to before the pandemic, the United States sits down 8.5 million jobs. In March 2020, the unemployment rate hit 3.5%.
"Springtime is here for the economic recovery, as today's jobs report showed the economy growing at its fastest pace since September," Daniel Zhao, a senior economist at Glassdoor, said in a commentary Friday morning. "March's jobs report is the most optimistic report since the pandemic began."
"While the pandemic is not over yet, the finish line appears close, and the economy is surging forward in a last sprint toward a full reopening," Zhao added. "If that momentum continues, we may be looking at a bright summer with monthly gains of over a million jobs, getting us much closer to pre-pandemic employment."
As America's free enterprise resumes the business reins, those previously unemployed go back to work. With the end of Coronavirus in sight, many anticipate better days ahead for America's depressed economy.