This country added WAY more jobs than expected last month – this is what we know so far

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The stock market is closed today in observance of the Good Friday holiday, but investors will still receive some economic data to digest today. The Labor Department this morning is set to release its March employment report (more on those numbers, in the article below).

The hiring data follows the government’s weekly look at initial jobless claims for last week, which was relatively disappointing. There had been 719,000 new claims filed, which far surpassed estimates.

Still, the S&P 500 managed to cross a major milestone yesterday, surpassing 4,000 for the first time.

“Yesterday, I suggested that the counter-trend rally in tech could continue for a few more days before it ebbs. So far that forecast stands, but without a cool employment number…I expect the reopening stocks — think the banks and the industrials — to come back into vogue on the Wall Street fashion show.”

What should you look for in the week ahead?

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This country added WAY more jobs than expected last month - this is what we know so far

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The United States added 916,000 new jobs to the economy last month, a number that far exceeds the 675,000 new payrolls that economists had anticipated.  The unemployment rate decreased to 6% from 6.2%, which was right in line with economist expectations.

“When it comes to the economy, things are looking up,” Citi U.S. Wealth Management’s Shawn Snyder had said before the numbers were released. “But the whisper number around the street is closer to a million, so expectations are pretty high.”

This number not only exceeds what analysts had anticipated, but it also blows February’s data totally out of the water. In that month, only 379,000 payrolls had been created.

I think March is going to be the first one of a string of very strong numbers,” said one economist. “It’s not as strong as what we’re going to see in April and May. I think we could see a string of three or four months where we average over 1 million jobs.”

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Fedrick Frost

Fedrick Frost

News Reporter for Morning Bullets, Writes on Politics, Economy, Business & More. Intrested in sharing news With Fredrick? Click Here

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