The Day at a Glance | April 5 2021

The Top

· Employment data in the US during March greatly exceeded estimates (916 thousand); the hotel and leisure industries led the recovery.

· Oil prices receded after OPEC+ agreement to gradually increase global production between May and July.

· Republicans ask for a smaller-sized investment in infrastructure plan; Biden seeks the project`s approval.

· Economic indicators: ISM services indicator is expected to be made public in the United States (60 e.).

Economic environment

In March, the United States economy created the largest amount of jobs in 7 months. Employment figures published on Friday showed a strong recovery in the labor market during March by recording the creation of 916 thousand new jobs (vs 660 thousand e.). Additionally, February`s numbers were revised upwards (468 thousand total). The sectors in which most jobs were created were hotel, leisure, education and construction as vaccine programs roll out throughout the country and continue to reduce mitigation measures, which allows businesses to reopen. The recently approved fiscal stimulus created by the Biden administration is expected to boost the recovery in employment even further in the following months. With this data, the unemployment rate fell to 6% in the month (vs 6.2% Feb.). Despite the progress, however, the total number of jobs remains 8.4 million below the peak reached prior to the pandemic.