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U.S. Logs 379,000 Additional Jobs in February as Lockdown Restrictions Ease

March 5, 2021 by Forex Winner Leave a Comment

U.S. Logs 379,000 Additional Jobs in February as Lockdown Restrictions Ease

Nonfarm payrolls in the United States grew by 379,000 in February to bring the unemployment rate down to 6.2%, the Labor Department reported.

  • The latest readings compare with market expectations of 210,000 new jobs and unemployment rate of 6.3%.
  • The number of employed Americans fell 8.5 million from a year ago. The labor force increased by 50,000 but the participation rate was at 61.4%, down 1.9 percentage points from a year ago.
  • Most of the gains came from the leisure and hospitality sector which grew 355,000 as lockdown restrictions were eased. Bars and restaurant jobs grew 286,000; hotel-related 36,000; and amusement, gambling, and recreation 33,000.
  • The industry is still 3.5 million short of its pre-pandemic level a year ago. Unemployment rate for the sector at 13.5% versus 15.9% the previous month.
  • January hiring was revised higher to 166,000 from 49,000; December’s count lowered to a 306,000 drop from a 227,000 loss previously.
  • Declines were seen in local and state government education jobs which fell 69,000; construction dropped 61,000; and mining declined 8,000.

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