US employment beats expectations

US employment in March grew at a much faster pace than market expectations.

On Friday, the Labor Department said nonfarm payrolls surged by 916,000 from the previous month. The figure nearly doubled the growth recorded in February.

By sector, employment rose by 280,000 in leisure and hospitality, and by 110,000 in construction.

American employers have been hiring more workers as coronavirus vaccinations progress and restrictions on businesses are being eased.

The jobless rate in March improved to 6.0 percent, down 0.2 point from February.

The number of unemployed people still stood at 9.71 million, with the services industry hit hardest. The figure is 4 million higher than the pre-pandemic level.