Employment rises as restrictions loosen up
With the easing of lockdown restrictions in February, the United States added 379,000 jobs, with most of the gains in leisure and hospitality, according to the Bureau of Labor Statistics. The unemployment rate was little changed at 6.2 percent. Since the start of the COVID-19 pandemic, total nonfarm employment is lower by 9.5 million jobs.
Constance Hunter, chief economist at KPMG, noted that the addition of 355,000 jobs to the leisure and hospitality sector partially reversed the losses in December and January. “We expect March and April to show substantially higher gains as more of the economy opens and the weather warms,” she commented.
Loretta Clodfelter is senior editor of Institutional Real Estate Americas.