The US labor market shocked on the upside once more in February, pushed by continued power within the service sectors of the economic system.
The leisure and hospitality sector added 105,000 jobs final month, a couple of third of the 311,000 whole jobs added, in line with the Labor Division.
The well being and social welfare phase was one other main contributor, creating practically 63,000 jobs.
Leisure and hospitality had been persistently one of many strongest sectors because the US economic system rebounded from the height of the Covid-19 pandemic, which noticed bars and eating places shut down in giant numbers throughout the nation. Foods and drinks firms added 70,000 jobs final month.
Nevertheless, the sector continues to be 2.4% under its pre-pandemic employment ranges, in line with the Labor Division.
“We’re nonetheless tight,” stated Steve Rick, chief economist at CUNA Mutual Group. “We nonetheless don’t have as many individuals in motels and eating places as we did in 2019, so we’re nonetheless including jobs in these areas at a fairly feverish fee.”
Nevertheless, there are some weaknesses in different elements of the economic system. The decline of 25,000 info expertise jobs exhibits the affect of layoffs at tech firms, whereas transportation and manufacturing jobs additionally fell.
Based on the Labor Division, jobs in transportation and warehousing have fallen by 42,000 since October.
“We’re seeing a cut up within the economic system between items and companies,” Rick stated.