US companies continued their yearlong hiring trend in March 2018 and outpaced already-healthy expectations, adding over 241,000 Americans to the payrolls compared to economic estimates of just over 200,000.
According to CNBC, the strong data shows US private sector payroll nearly doubling from the same period last year, which saw job growth of just over 120,000.
“The job market is rip-roaring,” Mark Zandi, Moody’s Analytics’ chief economist, said in a statement. “Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”
“The U.S. labor market is in excellent shape in early 2018. With the economic expansion set to become the second-longest in US history, approaching nine years, the job market has fully recovered from the Great Recession,” said an industry insider.
The rosy economic outlook comes as major American corporations -such as AT&T, Walmart, Disney, Starbucks, American Airlines, Home Depot, FedEx, UPS, Visa, and others- announced their plans to raise wages, expand benefits, and pay out big bonuses in the wake of the GOP-led tax cuts late last-year.