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US economy added 517K jobs in private sector

31 Mar 2021 03:46 PM

The number of jobs added by the US economy in the private sector increased during March, as the National Employment Report from ADP showed an increase of 517,000 jobs, while February's reading was revised to 176,000 from 117,000.

With the increase in the number of Americans vaccinated against COVID-19, private sector employers have boosted employment, pushing the economy towards reopening more broadly, which is expected to unleash pent-up demand in the coming months.

On the other hand, the number of Americans who applied for unemployment benefits fell to the lowest level since the outbreak of the Corona pandemic began in March 2020. Another report showed that the number of home workers rose the most in March after three consecutive monthly declines.

On Friday, markets are awaiting NFP numbers and expectations indicate that the economy will add about 650K jobs in March, after adding 379K in February. The acceleration of vaccinations and a massive $ 1.9 trillion stimulus package will support the labor market and the economy.

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