The Labor Department released February's jobs number, and they are impressive: 678,000 new jobs created in that month, bringing the unemployment rate down to 3.8%. Experts had forecast the addition of roughly 450,000 new jobs.It was the biggest monthly gain since last July, and moves the employment numbers close to pre-pandemic levels. Experts had forecast the addition of roughly 450,000 new jobs:
"As has been the case for much of the pandemic era, leisure and hospitality led job gains, adding 179,000 for the month. The job gap for that sector, which was hit most by government-imposed restrictions, is 1.5 million from pre-Covid levels.
The unemployment rate for the industry tumbled to 6.6%, a slide of 1.6 percentage points from January and closer to the 5.7% of February 2020."
Good economic news for President Biden as he continues to sell his economic program.
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