The U.S. economy added 379,000 jobs in February, exceeding experts’ expectations as a decrease in COVID-19 cases and increasing vaccine distribution helped bolster the economy.
The growth exceeded expectations of 210,000 new jobs, as did the unemployment rate, which fell to 6.2 percent, according to a Labor Department report released Friday. Unemployment had been predicted to hold steady at January’s 6.3 percent rate.
Most of the job growth came from the leisure and hospitality sector, which gained 355,000 jobs. As dining restrictions were relaxed in a number of areas, bars and restaurants added 286,000 jobs while hotel-related hiring increased by 36,000 and amusement, gambling and recreation businesses added 33,000.
However, the industry is still 3.5 million jobs short of its pre-pandemic employment level.
Copyright 2021 National Review. All rights reserved. From https://www.nationalreview.com. By Brittany Bernstein.