U.S. Economy Set for Employment Recovery as Service Jobs Return

Bloomberg (03/18/21) Sasso, Michael; Patton, Leslie; Ren, Henry

The economy is set for a hiring boom in the months ahead as the Covid-19 pandemic recedes. The recovery will be especially prominent at bars and restaurants, which have already begun bringing workers back. Bars and restaurants across the country added almost 300,000 jobs in February, marking the first substantial increase in four months, according to data from the U.S. Department of Labor.

Meanwhile, forecasters say the vaccine rollout and the growth of personal savings will encourage more people to spend as the country emerges from the pandemic, and employers will be eager to meet the demand. Economists at Goldman Sachs say the unemployment rate will drop to 4.1% by the end of the year from 6.2% in February.

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