94% of the increased employment is in the leisure and hospitality industry
The nationwide blockade has been lifted.. “economic vitality”
6.2% unemployment rate, better than market forecast
The unemployment rate in the United States fell again last month, showing signs of an economic resurgence. The photo shows a recent street in Manhattan, New York. New York = Correspondent Jae-Gil Cho
The number of jobs, a key indicator of the U.S. economy, surged last month. Analysts say that the US economy is rebounding faster than originally expected.
The US Department of Labor announced on the 5th (local time) that the number of non-agricultural jobs increased by 379,000 in February. It significantly exceeded the market forecast (210,000 Dow Jones standards). The number of jobs declined in December of last year, but has increased for the second consecutive month this year.
The number of jobs in January, which was previously announced, has been significantly increased. Initially, it was announced that it had increased only 49,000, but it was corrected to 166,000 from this final value.
94% of the jobs added last month were in the leisure and hospitality sector (355,000 increase). It is the industry that has been hit hardest by the novel coronavirus infection (Corona 19). With the lifting of the national blockade, 286,000 new employees were hired in restaurants and pubs alone.
The unemployment rate in February was 6.2%, lower than the average forecast of experts (6.3%) as well as the previous month (6.3%). Compared to 14.8% in April of last year, it is less than half.
The US unemployment rate fell to 6.2% last month. Trading Economics Offer
It is interpreted that the US economy has entered a full-fledged upward phase as the job market recovers rapidly. Goldman Sachs said, “The increase in employment in virus-sensitive sectors was remarkable,” and predicted that “the US economy will be able to achieve a 5.5% growth rate in the first quarter of this year.”
However, 9 million of the 22.1 million jobs that have disappeared since the coronavirus have not yet been recovered.
Nomura Securities diagnosed that “the rate of participation in economic activities between the ages of 25 and 54 is still low, so it will take a considerable amount of time to reach full employment required to raise the policy rate.” Nomura sees the point of reaching full employment in the third quarter of 2023.
“The limit is that most of this job growth is concentrated on low-paid service jobs,” said Son Seong-won, a professor at Loyola Mary Mount University and CEO of SS Economics.
New York = Correspondent Jae-Gil Cho [email protected]
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