The February jobs report shows a national economy on the mend, but with a long way to go for full recovery. The U.S. Department of Labor reports,
Total nonfarm payroll employment rose by 379,000 in February, and the unemployment rate was little changed at 6.2 percent, the U.S. Bureau of Labor Statistics reported today. The labor market continued to reflect the impact of the coronavirus (COVID-19) pandemic. In February, most of the job gains occurred in leisure and hospitality, with smaller gains in temporary help services, health care and social assistance, retail trade, and manufacturing.
Calculated Risk writes,
The headline monthly jobs number was well above expectations, and the previous two months were revised up 38,000 combined. The headline unemployment rate declined to 6.2%.Overall, this was a positive report, but the real recovery will not start until the virus is suppressed. There are still 9.5 million fewer jobs than in February 2020, and 3.5 million people have lost jobs permanently.
While there’s still miles to go before full recovery, CNBC reports the trend is good.
“Today’s jobs report sets an extremely positive tone as we move into warmer months and the pace of COVID-19 vaccinations accelerates,” said Tony Bedikian, head of global markets at Citizens Bank. “While the labor market still has a lot of ground to make up, we are in a different place than we were a year ago and the economy seems poised for a strong rebound.”
Soon, please.
