Last month alone saw an additional 916,000 jobs added to the United States economy, and a decrease in the unemployment rate of six percent. These numbers are the strongest indication yet that the US job market is on its way to pre-pandemic numbers. According to the Bureau of Labor Statistics, the US employment and hiring data beat economists’ expectations of 675,000 jobs added. January saw a 67,000 difference, and February changed by 89,000 jobs.
Critical sectors saw some of the most significant gains. The construction industry added 110,000 positions, hospitality increased by 280,000 jobs, and bars and restaurants posted 176,000 additional positions.
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Vaccination is the Key to the Economy Recovering
We are seeing the light at the end of a very dark tunnel, according to a chief economist at CUNA Mutual Group. As adults are eligible for the vaccine, a more permanent reopening will happen across the board and will work to right the ship of the US economy. The Federal Reserve and US economists have stressed that widespread vaccination is the key to the economy recovering from the pandemic. Fed Chairman Jerome Powell said it is a combo of better developments on Covid and economic support from Congress.
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Widespread vaccination is the key to the economy recovering from the pandemic.
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