Strong job growth continues as latest Covid wave wanes

‘Today’s news is a welcome reminder that we are coming back stronger as a country and as a people,’ Biden said at a White House event hig...

‘Today’s news is a welcome reminder that we are coming back stronger as a country and as a people,’ Biden said at a White House event highlighting ‘Made in America’ efforts. of the president. He noted that before the aid package was passed, the Congressional Budget Office did not expect the unemployment rate to fall to 3.8% over the next decade.

The data released on Friday was collected in mid-February, before the Russian invasion of Ukraine, which rocked global financial markets and caused energy prices to rise sharply. Analysts say the United States is less vulnerable than Europe to the economic effects of the crisis, but they warn that a prolonged conflict will have global repercussions that are difficult to predict.

So far, at least, the labor market recovery has overcome all obstacles. Jobs are close to a record level. Layoffs are at a new low. And hiring has remained strong in the ebb and flow of successive waves of the pandemic – employers have created at least 400,000 jobs each month since May, the longest such streak on record.

“This is an economy that has learned to handle uncertainty very well,” said Robert Rosener, senior US economist at Morgan Stanley. “We have continually been surprised by the resilience of the US labor market.”

Hannah Ashford spent most of the first two years of the pandemic trying to figure out how to keep Sweet Yield Studio, her Oklahoma City dance studio, from going bankrupt. But in December, she reached a major milestone: enrollment for the spring semester reached and then surpassed its pre-pandemic level for the first time.

As a result, Ms Ashford, 30, started thinking about the future. She is looking for space to add a second studio and plans to hire more teachers to staff it. On Friday, she made an offer to a graphic designer, who accepted the job.

“It feels good to have space within our company to consider some of these things for the future,” she said. “It feels like we’re slowly finding that stability.”

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Newsrust - US Top News: Strong job growth continues as latest Covid wave wanes
Strong job growth continues as latest Covid wave wanes
Newsrust - US Top News
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