The Wall Street Journal March 3, 2021 8:48 AM EST “U.S. Economy Added 379,000 Jobs in February”. “Employers add jobs for the second straight month; unemployment rate edges down to 6.2%” by Eric Morath and Hannah Lang
Chart from Whitehouse.gov
Chart from Whitehouse.gov
Chart from Whitehouse.gov
Charts from Whitehouse.gov presented independent of the WSJ article are very descriptive as standalone figures.
Read the WSJ article for full detail on that document
Summary of the WSJ article
Data presented in the WSJ article as charts.
Change in payrolls since February 2020. Fell to a low of nearly -15% by April 2020 then rose sharply August 2020 to about -7.5% and then have increased less dramatically to about -6.2% now. The unemployment rate peak on a similar timeline at nearly 15%, then fell sharply to about 8% and since decreased less dramatically to about 6.2% now. Leisure and hospitality took the biggest hit falling to -50%, following the general pattern rose rapidly to about -25% and now sits at about -20%. Retail, Goods, Government and All Services followed a similar pattern with Retail now at about -4%, Goods at about -6%. Government at about -7% and All Services at about -7% as well.
Summary of the discussion
With “restaurants and other hospitality businesses reopened” hiring has “accelerated sharply in February… adding 379,000 to U.S. payrolls.” Unemployment rate is surveyed as 6.2% currently down from a peak of 14.8% last April, still well below the red-hot pre-pandemic levels but some doubt these numbers are fully accurate as “millions of American [workers], particularly women, have dropped out of the labor force.” YOY for February there are “9.5 million fewer jobs” with hospitality accounting for nearly 4 million. The CBO and other economists believe jobs losses won’t be back to pre-pandemic levels until 2024.
The drivers for employment gains are obvious being fewer business restrictions, increasing levels of vaccination and a falling level of Covid-19 infections. The supporting evidence are lower unemployment applications, more shifts being worked and more posted job openings. It’s believed that stimulus payments to individuals, “federal loans to businesses and enhanced unemployment benefits also appeared to stoke the economy…”. Consumer spending jump in January, versus December, demand for manufactured goods and home sales are increasing, the latter “at 14-year highs.”
Editor's note-Yesterday Saturday March 6th, the U.S. Senate passed the $1.9 trn American Recovery Act 2021 providing $1,400 stimulus checks, for qualified individuals and families, Unemployment Insurance, Child Tax Credits, Obamacare premium subsidies, Money for school reopening, Fund for Covid vaccines-testing and tracing, Rental Assistance, State-Local-Tribal and Territorial Funding, A Restaurant Revitalization Fund, Energy Assistance, and Internet Connectivity expanding "internet connectivity to students and teachers during the pandemic (Source Vox.com)
Aside from all the positive news, …”millions…are struggling to find work, especially in their prior fields.” Hardest hit have been “women and racial minorities because they were more likely to hold in-person services jobs…”.