Home Society 517 thousand jobs added, service economy is on the way to recovery

517 thousand jobs added, service economy is on the way to recovery

Employment in the US business sector increased significantly in March compared to a month earlier. According to payslip processor ADP, 517,000 new jobs were created last month. That’s the strongest increase in six months.

The figure was not as strong as expected, because economists expected an average increase of 550,000 new jobs. In February, growth was revised upwards to 176,000 new jobs in companies in the United States. An increase of 117,000 jobs was previously reported here.

The improving employment figures seem to indicate that the US labour market is recovering from the coronavirus pandemic, aided by vaccinations against the virus and U.S. government support measures against the crisis. It was already announced last week that weekly benefit claims in the US had fallen to its lowest level since March last year.

The gradual re-opening of the economy led to a substantial increase in jobs, particularly in the US services sector, such as hotels, tourism and retail. That sector had previously suffered a lot from the lockdowns because shops and restaurants had to close.

ADP’s data anticipates the monthly jobs report published by the US government on Friday. This study also takes into account developments in the public sector.

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