Daily US Times: America’s employers likely stepped up helping the job growth by increased hiring in February as confirmed Covid-19 infections declined, the economy appeared to be sustaining a tentative recovery and consumers spent big chunks of their government aid checks.
Economists have forecast that job growth reached 175,000 lin February, according to data provider FactSet. That would mark a sharp job growth over an average of just 29,000 jobs a month from November through January.
Yet with the nation still 10m jobs short of its pre-pandemic situation, monthly hiring would need to significantly increase to bring relief to the many people who remain laid off, especially at entertainment venues, restaurants, hotels and other areas of the hospitality industry that are far from recovered.
The unemployment rate in the United States is predicted to have ticked up from 6.3% to 6.4% on the assumption that more Americans started looking for work in February and began to be counted as unemployed.
One year into the coronavirus pandemic, most analysts are growing more optimistic that hiring will accelerate in the coming months, which will help the economy strengthening and gauges of consumer spending and manufacturing rising.
Americans as a whole have accumulated a huge pile of savings after having slashed spending on visits to bars and restaurants, buying movie tickets and travel, . Much of that money is expected to be spent once most people feel comfortable about going out.