Attitudes rose last month as states lifted restrictions and stepped up vaccination efforts. The government reported Friday that the American economy created 379,000 jobs in the past month.
The hiring pace in February was an unexpectedly large improvement on earnings in January. It was also the strongest show since October.
But today there are still 9.5 million fewer jobs than a year ago. Congress is considering a $ 1.9 trillion pandemic package that is set to get households and businesses in trouble in the coming months.
“What we’re seeing is broad, slow gains,” said Julia Pollak, an economist on the ZipRecruiter online job board. “It is consistent with a slow labor market awakening from hibernation.”
The unemployment rate was 6.2 percent in February after 6.3 percent in the previous month. But as the Federal Reserve and senior administration officials have pointed out, that number underestimates the extent of the damage.
Most of the gains in February were in the leisure and hospitality industries, including restaurants and bars, which were particularly hard hit by the pandemic. “There is still a long way to go,” said Ms. Pollak, “but thank God it is moving in the right direction and will stop bleeding.” The industry is a first step on the ladder and employs so many young people. “
The retail and manufacturing sectors recorded slight growth. However, the loss of employment by state and local authorities – mainly in education – led to an increase in the overall increase.
More than four million people have left the workforce in the past year, including those withdrawn because of childcare and other family responsibilities or health concerns. They are not included in the official unemployment census.
The effects were also uneven. The proportion of black women who have left the labor force is more than twice the proportion of white men.
“We are still in a pandemic economy,” said Julia Coronado, founder of MacroPolicy Perspectives and former Federal Reserve economist. “Millions of people are looking for work and ready to work, but are forced to work.”
Millions of workers are still dependent on unemployment benefits and other government assistance, and initial jobless claims rose last week, but analysts have been increasingly optimistic about growth over the course of the year.
Recruiting sites have seen a surge in job postings over the past few weeks. Tom Gimbel, executive director of LaSalle Network, a Chicago recruitment firm, said the employers he speaks to are “absolutely ready to hire.”
