US non-farm payroll shows an unemployment rate of 6.2%
With 379,000 jobs added to the US economy, US non-farm payroll far exceeded expectations in February.
This figure surpassed the expected 180,000 increase in January and surpassed the expected 180,000.
The number in December has also been revised from 220,000 to 306,000.
The unemployment rate is currently at 6.2%, down from 6.3% in January, well below the peak high of 14.7% in April.
The majority of the work (355,000) came from the leisure and hospitality sector as dietary restrictions were eased in parts of the country.
Healthcare, manufacturing and retailers added 46,000, 21,000 and 41,000 jobs, respectively.
Compared to the previous year, 8.5 million Americans are working compared to February 2020.
Robert Alster, CIO of investment management firm Close Brothers Asset Management, praised the progress of the US economy, while paying attention to fundamental factors in the US labor market.
“As Biden completes his six-week appointment, a dramatic increase in non-farm payroll numbers is a sign of progress. However, it has been reported that after a relatively weak ADP reading of private payroll numbers at the beginning of the week, the two have been announced. After painting two half of the labor markets.”
“Wage inflation has remained stable. As low-paid workers are open to hospitality and retail sectors, growth appears somewhat unlikely as they re-enroll in pay in the coming months. Masu.”
Ulster suggested that the news is a continuation of recent trends in economic optimism since Biden took office.
“Nottheless, Biden’s pledge that all US adults have been vaccinated by the end of May, the cancellation of coronavirus cases, and the provisional easing of restrictions all have been a continual improvement in employment numbers. Everything is going well for that.”
“A further boost will come as the $1.9TN COVID-19 stimulus bill reaches Resolute Desk. With vaccines and cash infusions, the president hopes he can bring the US economy back to its fore paws. ”
