The U.S. economy added jobs at a healthy clip in March, with restaurants and bars leading the way in hiring despite concerns about a looming recession.
The Labor Department said in its monthly payroll report released Friday that payrolls in March rose by 431,000, slightly missing the 480,000 jobs forecast by Refinitiv economists. The unemployment rate, which is calculated based on a separate survey, fell to 3.6%, the lowest level since February 2020.
Leisure and hospitality, one of the hardest-hit sectors during the pandemic that has become a bellwether of sorts for the recovery, saw a gain of 112,000 new jobs last month. Restaurants and bars saw an increase of 61,300, whileadded 25,000 jobs last month. In all, employment in the sector is down by about 1.5 million, or 8.7%, since February 2020.
Professional and business services also accounted for some of the biggest gains last month, with payrolls jumping by 102,000. The increases were widespread across the industry:systems design and related services rose by 12,300, accounting and bookkeeping services jumped by 18,200 and management and technical consulting services was up by 15,100. Employment in the industry is actually 723,000 jobs higher than it was in February 2020.
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