The overall unemployment rate fell to 6.2% in February—its lowest point since April of last year. While that number does not tell the whole story, it does indicate that some industries have begun massive hiring undertakings to get back to their pre-COVID levels. Hopefully, with the increasing vaccine rollout, others are soon to follow.
ADP’s latest report on private payroll growth captures the disparity between the official numbers and the reality for many. While economists forecast the addition of 225,000 jobs in February, ADP’s numbers show companies adding only 117,000 jobs for the month. Notably, the manufacturing industry lost 14,000 jobs, and construction lost 3,000. Hospitality still has 3.8 million fewer jobs than it did before the pandemic hit.
