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U.S. adds 916K jobs in March, unemployment rate at 6%

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Yahoo Finance’s Jessica Smith and Myles Udland break down the latest numbers in March jobs report.

Video Transcript

MYLES UDLAND: All right, let's head down to Jessica Smith, who is live with the numbers on this jobs Friday, as they hit the tape. Jess.

JESSICA SMITH: Yeah, Myles. Non-farm payrolls rose by 916,000 in March, beating expectations of 660,000. The unemployment rate fell to 6%, right in line with expectations there, as more people get vaccinated and jobs do start to come back. Looking at the number of people on temporary layoff, that fell by 200,000. That is still 1.3 million higher than this time last year.

The number of permanent job losses is now at 3.4 million, little change from the month prior, but still about two million higher than February 2020. Now if we also look at the labor force participation rate, that's little changed at 61.5% in March. And then we also want to look at some of the sectors here that stand out. Leisure and hospitality added back 280,000 jobs.

Employment increased in public and private education as schools start to come back. Construction added 110,000 jobs. Manufacturing brought back 53,000. We also want to look, check out the revisions here. The January jobs number revised up by 67,000. The number for February revised up by 89,000. So with those two together, that's 156,000 more jobs than previously reported.

Average hourly earnings fell by $0.4 to $29.96 an hour. But again, that big number, non-farm payrolls rose by 916,000. The unemployment rate fell to 6%. And we are going to be hearing from President Biden about these numbers at 11:00 o'clock today. He's set to give brief remarks. We'll be streaming that here on Yahoo Finance.