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Unemployment Rate Just Dropped to 6.0%, But Millions Remain Out of Work.

The U.S. economy added 916,000 new jobs in March, according to the latest jobs report from the Bureau of Labor Statistics, the highest number of new jobs since last August and well above predictions.

These new jobs bring the American unemployment rate to 6.0% — down from 6.2% in February and from last April’s 14.8% high, but still 2.5 percentage points over the 3.5% pre-pandemic unemployment rate in February 2020. 

While these numbers are encouraging, they’re small consolation for the 9.7 million Americans still out of work. 

Black and Hispanic Americans continue to face the highest levels of job loss, with an unemployment rate approaching 10%, much higher than that of the overall population. Long-term unemployed workers now make up 43.4% of the total, and last week, 719,000 people filed for unemployment for the first time. That’s the lowest four-week moving average of new claims since March 14, 2020, but it’s an unexpected increase over the previous week’s 658,000 new claims.

Boston Real Estate and the Bottom Line

If you want to predict how the Boston condo market will do in 2021, keep your eye on the unemployment numbers

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