Not Quite There Yet, but March Job Economy Skyrockets
As much as I detest so many of the cliche terms that have come out of the pandemic (think "we're all in this together," "during these unprecedented times," and "social distancing,") there is one that (although I'm sick of hearing it) seems to be ringing somewhat true and hasn't been completely overused (yet).
Give it time and the term "the wind is at our backs" will be completely overused, but right now, it's just emerging and isn't completely incorrect. While the wind might not be completely at our backs, we're getting there.
Like a hurricane, the coronavirus pandemic blew in and knocked us down, but we're crawling our way back in many ways, including in the job economy. In February of 2021, a reported 468,000 were added and in March, the Labor Department reported that number jumped to 916,000 jobs added which is the biggest job gain we've seen since August of 2020.
Equally exciting is that the unemployment rate dropped to six percent which is the lowest rate that it has been since before the pandemic. More and more people are returning to work which is a huge relief to the millions left furloughed or laid off last year.
The industries that have seen the biggest job growth are the leisure and hospitality industries which saw 280,000 jobs added and the construction industry which saw an addition of 110,000 jobs.
During the months of March and April of 2020, a staggering 20 million jobs were lost and while it is thrilling that the number of jobs being added and filled continues to grow, there is still the matter of the nearly 8.5 million jobs that have yet to be recovered.
The wind might not completely be at our backs and our economy and job situation aren't completely back on track, but that shouldn't be cause for discouragement because slowly but surely things are starting to even out.
If you or someone you know is out of work and struggling to find employment, we encourage you to ask to join our Southern Tier Open for Business Facebook page which you'll find here. Southern Tier Open for Business is a great community resource where you'll find a variety of things, including local job openings.