March was a portal: It's when wages went into a pandemic-related decline in 2020 and emerged in 2021. That took twice as long in the Great Recession.
Economists had expected roughly 873,000 new jobs. The reading marks a fourth straight increase and places payrolls at their highest since March 2020.
The US has now recovered about 96% of its pandemic-era decline in output. A 10% surge for first-quarter GDP would have completed the economic rebound.
The proposal from Massachusetts Rep. Richard Neal would also make permanent a $300 monthly check program for parents from the Democratic stimulus law.
The bounce nearly doubled the median estimate for a 5.8% gain and places sales at their highest level since data collection began in 1992.
Parts of the infrastructure plan are drawing support from Republicans - Republican voters, that is. The White House insists this is bipartisanship.
Fed research suggests stimulus may not fuel a spending boom while jobless claims remain high. Companies may have little incentive to hire more.
The recession will likely leave smaller scars than the financial crisis, but developing nations are still lagging advanced economies, the IMF said.
The US added 916,000 jobs in March, besting the 660,000 estimate, yet Insider calculates some 14.3 million jobs were still lost during the pandemic.
The jump in private-sector jobs comes in below the median estimate of 550,000 and marks a third straight monthly gain.
"This is just incredibly different," said Obama DOL veteran Heidi Shierholz. "If my 2010 self could see just how different we're handling this."
The Fed has said it will hold interest rates near zero through 2023. The low rates ensure today's debt levels pose little threat, Powell said.
Democrats may ditch Republicans on some of the infrastructure bill because they oppose paying for it with tax hikes on the wealthy and corporations.
Biden may split up a large infrastructure bill into separate legislative pieces to fulfill his economic agenda, which includes free community college.
Democrats may bypass the GOP to enact a follow-up infrastructure and jobs package through reconciliation, the procedure used for the Biden stimulus.
Recently, President Joe Biden said that Americans earning above $400,000 would experience a "small to significant" tax increase.
Using six-month averages of employment growth, we looked at how long it could take each state to reach pre-pandemic employment from February 2020.
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