916,000 jobs were added in March 2021 and the national unemployment rate saw a slight decrease from 6.2% in February to 6.0%, according to the U.S. Bureau of Labor Statistics (BLS). March sees an increase in job growth within the last three months, in addition to the 156,000 jobs added in January and February than previously reported. The unemployment rate for individuals with a bachelor’s degree or higher saw a slight decrease to 3.7% vs. 3.8% the month prior.
The leisure and hospitality industry continuously sees an increase in job growth with 280,000 added jobs. Nearly two-thirds of the increase is in food services and drinking businesses. The resumption of economic activity brings hiring gains in the areas of construction, manufacturing, public and private education, and professional business services.
Key Highlights From the February BLS Report:
- With 9.7 million currently unemployed, the unemployment rate decreased from 6.2% in February to 6.0% in March. While we currently see a decline in the unemployment rate, the number of unemployed individuals is still 4.0 million higher than in February 2020.
- The unemployment rate for individuals with a bachelor’s degree saw a slight decrease to 3.7% vs. 3.8% the month prior..
Jobs Added Highlighted by Industry
- Leisure and Hospitality added 280,000 jobs
- State and Local Education added 126,000 jobs
- Construction added 110,000 jobs
- Manufacturing added 53,0000 jobs
- Professional and Business Services added 66,000 jobs
- Financial Activities added 16,000 jobs
Unemployment is still up 2.5% compared to pre-pandemic rates. However, economists are optimistic about the future of the hiring market due to the current rate being significantly lower than the 14.7% reported in April 2020.
While the reality is that even though there is growth in the market, there is still catching up needed in order to return to the low unemployment rate pre-pandemic.
What are you forecasting for your business needs in the short term or long term – and how can we help? Contact your local branch to discuss your hiring plans.
Whether you need temporary staffing or help with direct hiring, or have questions about trends in the local market and salary insight, schedule a 1:1 chat with your Roth Staffing representative to discuss your needs. Find your nearest branch today!