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While the results are impressive, hurdles lie ahead with the Covid-19 variant leading some states and localities to reinstate some restrictions on activity.
Leisure and Hospitality, the most battered industry from Covid-19, created 331,000 jobs last month.
March labor market report shows that we have entered a new phase in the recovery that returns to the job increases of summer 2020.
Job market gains came from a strong performance in the Leisure & Hospitality sector in February that totaled 355,000 new jobs, an encouraging sign for the most beleaguered sector since the onset of the pandemic.
GSI derives its employment forecast from internal data on job openings, job severances, and the number of applications for unemployment benefits filed on GSI state client sites
The results mark 11 months since the Covid-19 economic lockdown and signals that the labor market recovery is continuing to move sideways after healthy growth from May through October 2020. Strong growth should reassert itself as more Covid-19 vaccinations are administered later in 2021.
Economist Phillip Sprehe shares his commentary on December's jobs report, which caps a year that experienced the worst job loss on record. The Covid-19 vaccine offers hope for an economic jump start in 2021.