US Economy Added 678000 Jobs In February, Unemployment Drops To Pandemic Low

[BarryLaverty]

The economy is cooking along...wage gains are happening, but we need inflation to go down, of course. 

 

(Washington Post)

 

Economy
U.S. adds 678,000 jobs in February, adding momentum to economic recovery
Unemployment rate falls to a pandemic low at 3.8 percent, the Labor Department said Friday

The U.S. economy added 678,000 jobs in February, adding greater momentum to a robust economic recovery that is returning to pre-pandemic norms by many measures.

As the omicron variant of the coronavirus receded, the unemployment rate fell to a new pandemic low of 3.8 percent last month, from 4 percent in January, the Labor Department said Friday. Wages, meanwhile, held steady, climbing by 1 cent. Annual wages are up 5.1 percent, although they have not kept up with inflation.

“Covid is loosening its grip — the virus ruled through fear and that fear is fading,” said Austan Goolsbee, an economics professor at the University of Chicago. “You see that around the country, as people are willing to go back out to jobs that they weren’t willing to take in the midst of the pandemic.”

Friday’s jobs report, which was based on surveys conducted in mid-February before Russia’s invasion of Ukraine, does not reflect the geopolitical crisis on the U.S labor market. And though economists say it’s unclear exactly how the war might affect American jobs, they note that skyrocketing energy prices, slowdowns in consumer spending or looming uncertainty could prompt businesses to pause hiring in the coming weeks.

Still, the rosy picture caps off a string of 10 straight months of strong growth with the economy picking up a blockbuster 7 million jobs over the past year, particularly in service sectors such as hospitality, professional and business services, health care and construction.

The unemployment rate only counts those who actively looked for work in the past month. A broader measure of unemployment, which includes those who want a job but aren’t actively looking for one, dropped to 4.7 percent in February, nearing its pre-crisis rate of 4.3 percent.

Indeed, the tight labor market — in which job openings continue to outnumber job-seekers — has forced businesses to change their recruiting and hiring strategies. Employers of all kinds are fast-tracking their hiring processes and in some cases, promising on-the-spot offers to lock in candidates, particularly in retail and hospitality. The Home Depot, for example, which plans to hire 100,000 employees by spring, is touting an “accelerated hiring process” that could land candidates an offer within 24 hours of applying.

In Mesa, Ariz., Inwook Kim got a job less than two weeks after applying for a position as a graphic designer at an IT consulting firm. He was pleasantly surprised, he says, by how smooth the process was — and how much more money he’s making than at his last job.

“They wanted to hire someone very quickly,” the 30-year-old said. “I had two interviews, and that was it."

For now, the strong jobs showing raises pressure on the Federal Reserve to hike interest rates when it meets later this month and contributes to concerns that tight labor markets could be driving up inflation, which is already at a 40-year high. Fed Chair Jerome H. Powell told lawmakers this week that the central bank is planning to raise interest rates even though the fallout of the Russia-Ukraine war on the U.S. economy remains “highly uncertain.”

“It is appropriate for us to move ahead,” Powell said Wednesday. “Inflation is high, too high."

The pandemic dealt a sudden blow to the labor market, causing the unemployment rate to soar to double digits in early 2020 as employers of all sizes laid off and furloughed workers. But in the months since, companies have rapidly hired back workers. In another positive sign, the number of Americans filing jobless claims — 215,000 as of last week — fell to its lowest level since Jan. 1, the Labor Department said Thursday.

“We saw record job gains in 2021, setting us up for a 2022 where the fundamentals of the labor market are still very strong," said Daniel Zhao, chief economist at jobs site Glassdoor.

Sabrina Zanolini recently landed a software engineering position in Philadelphia after two months of searching. She applied to about 50 jobs and interviewed for six before getting an offer from defense giant Lockheed Martin.

“It took a while to find entry-level openings but once I did, it happened very quickly,” said Zanolini, 22, who graduated from Penn State in December. “Almost all of my friends — nine out of 10 of them — were able to get full-time employment pretty much immediately after school.”

[SloppyJoe]

Only in Libtopia where Brandon is a genius and Kumala is a prodigy!

[BoyzNdaHood]

Good news!

[Monte1076]

Are we back to pre-Pandemic levels, yet?

[KirtFalcon]

People coming back to work post lockdowns .... nothing due to anything Plugs has done economically  ..... he hasn't created Jack  .....

[Sportsfanatic1]

7 hours ago, BarryLaverty said:

The economy is cooking along...wage gains are happening, but we need inflation to go down, of course. 

 

(Washington Post)

 

Economy
U.S. adds 678,000 jobs in February, adding momentum to economic recovery
Unemployment rate falls to a pandemic low at 3.8 percent, the Labor Department said Friday

The U.S. economy added 678,000 jobs in February, adding greater momentum to a robust economic recovery that is returning to pre-pandemic norms by many measures.

As the omicron variant of the coronavirus receded, the unemployment rate fell to a new pandemic low of 3.8 percent last month, from 4 percent in January, the Labor Department said Friday. Wages, meanwhile, held steady, climbing by 1 cent. Annual wages are up 5.1 percent, although they have not kept up with inflation.

“Covid is loosening its grip — the virus ruled through fear and that fear is fading,” said Austan Goolsbee, an economics professor at the University of Chicago. “You see that around the country, as people are willing to go back out to jobs that they weren’t willing to take in the midst of the pandemic.”

Friday’s jobs report, which was based on surveys conducted in mid-February before Russia’s invasion of Ukraine, does not reflect the geopolitical crisis on the U.S labor market. And though economists say it’s unclear exactly how the war might affect American jobs, they note that skyrocketing energy prices, slowdowns in consumer spending or looming uncertainty could prompt businesses to pause hiring in the coming weeks.

Still, the rosy picture caps off a string of 10 straight months of strong growth with the economy picking up a blockbuster 7 million jobs over the past year, particularly in service sectors such as hospitality, professional and business services, health care and construction.

The unemployment rate only counts those who actively looked for work in the past month. A broader measure of unemployment, which includes those who want a job but aren’t actively looking for one, dropped to 4.7 percent in February, nearing its pre-crisis rate of 4.3 percent.

Indeed, the tight labor market — in which job openings continue to outnumber job-seekers — has forced businesses to change their recruiting and hiring strategies. Employers of all kinds are fast-tracking their hiring processes and in some cases, promising on-the-spot offers to lock in candidates, particularly in retail and hospitality. The Home Depot, for example, which plans to hire 100,000 employees by spring, is touting an “accelerated hiring process” that could land candidates an offer within 24 hours of applying.

In Mesa, Ariz., Inwook Kim got a job less than two weeks after applying for a position as a graphic designer at an IT consulting firm. He was pleasantly surprised, he says, by how smooth the process was — and how much more money he’s making than at his last job.

“They wanted to hire someone very quickly,” the 30-year-old said. “I had two interviews, and that was it."

For now, the strong jobs showing raises pressure on the Federal Reserve to hike interest rates when it meets later this month and contributes to concerns that tight labor markets could be driving up inflation, which is already at a 40-year high. Fed Chair Jerome H. Powell told lawmakers this week that the central bank is planning to raise interest rates even though the fallout of the Russia-Ukraine war on the U.S. economy remains “highly uncertain.”

“It is appropriate for us to move ahead,” Powell said Wednesday. “Inflation is high, too high."

The pandemic dealt a sudden blow to the labor market, causing the unemployment rate to soar to double digits in early 2020 as employers of all sizes laid off and furloughed workers. But in the months since, companies have rapidly hired back workers. In another positive sign, the number of Americans filing jobless claims — 215,000 as of last week — fell to its lowest level since Jan. 1, the Labor Department said Thursday.

“We saw record job gains in 2021, setting us up for a 2022 where the fundamentals of the labor market are still very strong," said Daniel Zhao, chief economist at jobs site Glassdoor.

Sabrina Zanolini recently landed a software engineering position in Philadelphia after two months of searching. She applied to about 50 jobs and interviewed for six before getting an offer from defense giant Lockheed Martin.

“It took a while to find entry-level openings but once I did, it happened very quickly,” said Zanolini, 22, who graduated from Penn State in December. “Almost all of my friends — nine out of 10 of them — were able to get full-time employment pretty much immediately after school.”

Curious, what is Plugs approval rating again? Is it south or north of 30%?