February 2021 Jobs Report Sees Unexpected Jump in Jobs Added
COVID-19 vaccinations rolling out in larger quantities and restrictions lightening across the country largely contributed to February’s positive jobs report. We saw 379,000 jobs added in addition to the unemployment rate dropping to 6.2%, the lowest rate we’ve seen since the beginning of the pandemic.
“Today’s employment report smashed expectations as 379K jobs returned to the economy during the month of February. This was a welcomed change of events for a suppressed labor market as we begin to turn the helm on a restrained economy and open back up,” Charlie Ripley, senior investment strategist for Allianz Investment Management, said Friday morning. “Looking ahead, it appears the ship is pointed in the right direction and the additional stimulus coming from Congress should be the wind in the sails to get the economy back on track.”
Things should continue to trend in a positive direction with the nation opening up more and more each week due to the increased volume of vaccinations.