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U.S. employers created nearly 380,000 new jobs in February, mostly in the hospitality and leisure sector, a Department of Labor report showed on Friday. In the world’s largest economy, 379,000 jobs were created in February, the US Department of Labor announced.
At the same time, they significantly revised the data for January, which now show that 166 thousand jobs were created net. The first estimate showed a figure of only 49 thousand. Most of the new jobs were created in the hotel and leisure activities segment, according to the ministry. Employers in the services, health and social care, retail and manufacturing sectors also increased their employment.
The unemployment rate fell slightly, slipping to 6.2 percent, from 6.3 percent in January, and is still above the 3.5 percent it was in February 2020, before the epidemic broke out, the ministry recalls. They add that the number of unemployed has not changed significantly, remaining around 10 million, which means that it is almost twice as high as in the same month last year.
“The labor market continues to reflect the impact of the coronavirus pandemic,” they conclude. Fed Chairman Jerome Powell on Thursday expressed optimism about the job market, but warned that a return to full employment is “impossible” this year, recalls Reuters.
Economists, however, believe the job market will gain momentum in the spring and summer, given the larger population fragmentation. The stimulus should also come from the $ 1.9 trillion recovery plan proposed by President Joe Biden, and economists hope to get the green light in the Senate soon after it passes in the House of Representatives, according to Reuters.
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