Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

The US added 379,000 jobs in February, signaling the recovery is finally gaining steam

The US added 379,000 jobs in February, signaling the recovery is finally gaining steam

The US economy added 379,000 jobs last month, far more than economists had expected, signaling the labor market recovery is finally gaining steam.

The January numbers were also revised sharply higher to 166,000 added jobs versus 49,000 initially reported.

The leisure and hospitality industry added the most jobs in February with 355,000 new positions as some restrictions to stop the spread of Covid-19 were rolled back. The sector is still recovering from a rough winter, adding back positions that were lost rather than creating new jobs.

The unemployment rate — which only counts people who are actively seeking jobs and not those who have dropped out of the workforce entirely — inched down to 6.2% from 6.3% in January. It was forecast to stay flat.

Economists agree that the official jobless rate is likely under-reporting how many people are actually unemployed as a result of the pandemic.

For example, 4.2 million people who have dropped out of the labor force were prevented from looking for a new job due to the pandemic in February, the Bureau of Labor Statistics said.

"Today's report does show green shoots of recovery," said Daniel Zhao, senior economist at Glassdoor. "But I also think the report is a little bit weaker than the headline numbers show."

So Friday's good news is only part of the recovery story.

America is still down 9.5 million jobs from February last year. While that number is finally going down, millions of workers have to rely on government help to make ends meet. Despite the good news in Friday's report, "there's still a lot of wood to chop," said BMO senior economist Sal Guatieri.


On Thursday, the Labor Department reported more than 18 million people received benefits under the government's various programs in the week ended February 13.

And the labor force participation rate was flat at 61.4% in February. It hasn't been this low since the 1970s.

The unequal recovery


Economists and politicians are calling the recovery "K-shaped" because it isn't working for everyone. While many white-collar workers and people invested in the stock market have seen their wealth increase through the pandemic, lower-wage earners have struggled to pay for basic necessities.

A look at how the different demographic groups fared in February offers more proof of the unequal recovery, though economists caution that month-to-month data can be volatile.

The Asian unemployment rate dropped to 5.1% last month from 6.6% before, marking the biggest improvement of any demographic group measured in the report.

White and Hispanic jobless rates inched down by 0.1 percentage point each, to 5.6% and 8.5%, respectively.

Both Asian and Hispanic employment was likely driven by the gains in the hospitality and leisure industry, in which both groups are disproportionately represented, Zhao said.

Meanwhile, the unemployment rate for Black workers went the other way: jumping to 9.9% from 9.2% before. The current rate is "just shy of the high-water mark in the Great Recession," wrote Elise Gould, senior economist at the Economic Policy Institute.

"One of the big concerns for the recovery going forward is that a rising tide does not lift all boats," Zhao said.

In February 2021, before the pandemic hit, the Black jobless rate stood at 6%. So if the White unemployment rate is too high at 5.7% during the pandemic, it means the Black unemployment rate wasn't low enough in normal times, Zhao added.

"Passing large-scale relief measures now is an economic and racial justice imperative," said Gould.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×