Time.news – The wind of recovery, with the occupation taking off in March. In the third month of the year, the US private sector recovers 916,000 jobs – the highest rate since August – favoring a drop in the unemployment rate from 6.2 to 6%.
“In the first two months of our administration they were created more jobs than any other in history “ American, says the president Joe Biden in a speech on TV. “Today’s data is a source of hope for the recovery of a pandemic-ravaged economy,” he explains.
And he insists: “Finally there is hope. So for many families, the credit for this progress does not belong to me, but to the American people. Women and men who work hard and have fought for it “, he continues citing the report released by the Department of Labor. Data, he stresses, that reflect” the progress made in the steps forward with vaccinations “.
“Help has arrived,” he adds, drawing on the slogan ‘Help is here’ that is accompanying his tour of the United States to explain to the Americans the 1.9 trillion dollar maxi stimulus package to start again. mega infrastructure plan announced a few days ago: “If he gets the green light – he says – we will create 19 million jobs”.
In detail, the report on the labor market released today shows that hiring exceeds the forecasts of experts, who expected the recovery of 647,000 jobs. It is also a strong acceleration compared to February, when the US economy had recovered 379,000 jobs. The rapid pace of the vaccination campaign, which allows for the gradual relaxation of restrictive measures, is driving the recovery of the star-and-stripe labor market.
According to data from the Department of Labor, those sectors hardest hit by a year of Covid, those related to leisure and hospitality, from hotels to restaurants, which create 280,000 new jobs, are increasing employment. The sector of buildings, after the bad weather crisis in February, it adds 110,000 new jobs and the manufacturing industry 53,000.
The March data bodes well, as it was collected earlier this month, before most states extended access to Covid vaccines and before many Americans began receiving treatment. In other words, employment growth is expected to be even faster in April.
Last month the unemployment rate drops to 6% from 6.2%. It certainly “drops significantly from the pre-pandemic peak of February 2020,” notes the Department of Labor. And the number of places is still 8.4 million lower than the peak recorded before the crisis triggered by the virus. The labor market will therefore still need several months of strong growth to approach its pre-pandemic level. But today’s data bodes well.
However, even the decline in unemployment must be interpreted with caution as the rate does not take into account the millions of people who have left the labor market due, in particular, to the prolonged closure of schools.
At this point, the the greatest risk to the US economy remains the pandemic itself. Coronavirus cases are on the rise again in one part of the country as many states have eased restrictions with the opening of restaurants, cinemas, gyms and swimming pools. The country still records an average of 62,000 cases per day. But many economists don’t expect another slowdown in employment like there was in the fall, because the vaccination campaign is in full swing, with over 2.5 million doses injected every day. In some days, the three million mark was even exceeded. With more Americans vaccinated, the country’s activity is therefore regaining vitality.
The travel industry begins to show signs of recovery thanks to domestic tourists and waiting for foreign visitors. However, the recovery remains uneven across communities.
Today’s employment report shows that the unemployment rate for blacks has changed little, at 9.6% versus 5.4% for whites.
And the average hourly wage it decreased, reflecting the hiring of low-paid workers.