The US economy added 916,000 jobs and the unemployment rate fell to 6% in March, the Department of Labor announced Friday.
The market estimate for nonfarm payrolls was an increase of 647,000, while job additions for February were revised up by 89,000, from 379,000 to 468,000, according to data by the Bureau of Labor Statistics.
The unemployment rate came within market expectations, down from 6.2% in February.
The number of unemployed individuals in the US decreased to 9.7 million last month. Due to COVID-19, more than 22 million people in the world’s largest economy lost their jobs in March and April 2020.
“In March, 11.4 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic,” the report said.
“Among those not in the labor force in March, 3.7 million persons were prevented from looking for work due to the pandemic,” it added.
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