With vaccine distribution on the rise, we remain hopeful that our economy will begin to restore itself despite the unemployment rate dropping to 6.0% in March, which is a 2.0% decrease from last month. Opportunities are increasing, as the US economy added 916,000 jobs during the month of March, which represents the largest increase we’ve seen in seven months. The March unemployment update contains a wealth of information; let’s take a closer look!
The JobGet Team has compiled a report of unemployment data and trends, which you can review and download below:JobGet Unemployment Report Mar 2021 v2
During the month of March, we arrived at the one-year anniversary of widespread lockdowns in the US due to the COVID-19 Pandemic. Unemployed individuals were down to 9.7 million this month compared to 10 million in February. Additionally, we are seeing increases in payroll and decreasing unemployment rates, which shows that the economy is slowly healing and people who lost their job are coming back into the workforce
In March, we saw a decrease in unemployment for Women (5.7%) which was exciting to see during Women’s History Month. Teenagers also saw a significant decrease in unemployment – reaching 13% from 13.9%.
Unemployment rates in the Black population (9.6%) have decreased, but remain significantly higher than that of populations including White (5.4%) and Hispanic (7.9%). This concerning trend proves our fight for equality remains critical.
Leisure and Hospitality, Government, and Construction have also seen a slight increase in employment trends this month. We are hopeful that with continued vaccine distribution this positive trend will continue. However, industries such as information, education, and health services did not perform as well.
Working from home and the ability to telecommute is also an area we’ve been watching. Many companies decided to transition their employees to a remote work environment in order to stay safe and stop the spread, and here we are a year later with many still out of the office! Here’s what we know:
While the unemployment rate did endure a slight uptick this month, we are hopeful that industries such as hospitality will begin to flourish as the weather gets warmer and more vaccines are administered.