After a tougher month with 4,500 job losses, the industry saw a sharp surge in jobs in March. The US as a whole also saw the most employment gains since August.
The real estate industry created 10,000 new jobs in March after losing 4,500 jobs in a month. This comes from new data from the U.S. Department of Labor released on Friday.
The number of non-agricultural employees rose by 10 percent for real estate and by 1.7 percent for rental and leasing services between February and March.
Construction also saw significant gains in March, adding 110,000 jobs after losing 56,000 in the previous month, likely due to widespread severe winter storms. Most of the sector’s gains were made by specialist retailers, with more than 50 percent of the sector’s growth being due to new jobs at specialist retailers.
In total, the USA created 916,000 jobs in March, seasonally adjusted, the highest level since August. The unemployment rate fell slightly from 6.2 percent in February to 6.0 percent to a total of 9.7 million unemployed.
As more parts of the country get vaccinated, the employment gains are signaling that the country is preparing for a pickup in business as consumers feel more comfortable with the idea of spending again on recreational activities such as eating, shopping and travel.
Most US industries grew in March, led by additional 280,000 jobs in the leisure and hospitality sectors.
“There is a seismic shift in the US economy,” said Beth Ann Bovino, Ph.D. An economist at S&P Global, said the Wall Street Journal. “Fear is subsiding and American households are sitting on a lot of money” from stored stimulus checks and other money people would normally spend on travel or going out. “That will support spending, especially in the service sector.”
Email Lillian Dickerson