Name: U.S. economy added eye-popping 916,000 jobs in March, crushing expectations
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U.S. economy added eye-popping 916,000 jobs in March, crushing expectations

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President Biden at his first Cabinet meeting yesterday. Photo: Drew Angerer/Getty ImagesThe U.S. economy added a whopping 916,000 jobs last month, while the unemployment rate fell to 6% from 6.2%, on Friday.Why it matters: The blowout job gains show how vaccines and the economic reopening are juicing the battered labor market. Economists had been expecting an increase of 675,000.The big picture: March's jobs report marked the biggest hiring spree since last summer.Plus: Job gains in both January and February were even higher (+156,000) than previously reported.Details: The leisure and hospitality sector (think restaurants, bars, etc.) was the standout with 280,000 new jobs added. But there were broad gains across other industries — construction, manufacturing — too.What to watch: Whether the millions of workers out of the labor force come off the sidelines.The bottom line: These numbers show there's still more than enough slack in the labor market to support extremely strong jobs growth through the rest of 2021 and beyond. The pandemic proved a large swath of the population can produce services and consume goods without leaving their homes — if supported by other workers.Why it matters: We risk becoming an even more divided society — with Peloton-riding, Amazon Prime-ordering office workers living within a convenient, luxurious stay-at-home economy and essential workers servicing that lifestyle while scraping by themselves.Fully vaccinated people can travel domestically and internationally without having to show a negative COVID-19 test or quarantining, but are still recommended to wear a mask and follow public health precautions, according to from the Centers for Disease Control and Prevention.Why it matters: It's a major incentive for Americans to get vaccinated that will also provide a boost to the U.S. travel industry, which has been financially hammered by the pandemic over the past year. President Biden spoke with Ukrainian President Volodymyr Zelensky on Friday for the first time since taking office, as U.S. and NATO officials warn of a Russian military buildup near eastern Ukraine that could ignite the long-simmering conflict, according to the White House.Why it matters: It took more than two months for Biden to speak directly with the president of Ukraine, a key frontline partner in eastern Europe that has been pleading for more help from the West in its fight against Russian aggression.Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

President Biden at his first Cabinet meeting yesterday. Photo: Drew Angerer/Getty ImagesThe U.S. economy added a whopping 916,000 jobs last month, while the unemployment rate fell to 6% from 6.2%, on Friday.Why it matters: The blowout job gains show how vaccines and the economic reopening are juicing the battered labor market. Economists had been expecting an increase of 675,000.The big picture: March's jobs report marked the biggest hiring spree since last summer.Plus: Job gains in both January and February were even higher (+156,000) than previously reported.Details: The leisure and...

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U.S. economy added eye-popping 916,000 jobs in March, crushing expectations

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