Job growth expected to jump as economic recovery strengthens

U.S. job gains are expected to accelerate in March, a sign that the economic recovery was strengthening when Joe Biden signed his $ 1.9 billion stimulus.

According to consensus forecasts by economists, non-farm payroll data due at 8:30 a.m. Friday is expected to show an increase in jobs of more than 650,000 last month, a big jump from 379,000 in February.

The improvement in the job market has come against a clearer backdrop of the US pandemic fight, as the winter spike in infections has subsided and the vaccination rate has risen sharply.

In recent weeks, Covid-19 cases have started to recover again, but the rate of inoculation has continued to increase, giving hope for further improvement in the months to come.

The stronger recovery has led investors to sell off long-term US Treasury debt in recent months, pushing yields on the 10-year note to over 1.7%. But Federal Reserve officials have expressed no concerns about rising borrowing costs or even the likely spike in inflation this year, saying it would likely be transitory.

The monthly U.S. jobs report for March lands as U.S. stock markets are closed for Easter weekend, but bond offices remain open.

The Institute for Supply Management revealed that manufacturing activity in the United States reached its highest level in more than 37 years last month.

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