US Labor Markets and Policy Implications: Focus on March 2021 Jobs Report

Sustaining Capitalism

US employers added an astounding 916,000 jobs in March 2021. Employment has now doubled each month since the start of the year, marking a turning point in the economic recovery. There will likely be 4.5 million more jobs added to the economy this year, especially in in-person services, explains Frank Steemers, Senior Economist at The Conference Board. He adds that job gains will likely hover around 800,000 per month in the near term, and may even reach 1 million.

Elizabeth Crofoot, CED’s Senior Economist, also discusses the potential job growth associated with the Biden Administration’s proposed infrastructure package. She notes that, if the infrastructure proposal were to become law, the economy would add about 15 million jobs over the next 8 to 10 years. Yet the plan itself may spur less than 3 million additional jobs on top of what would be generated without it.