In February, the economy added 379,000 nonfarm payroll jobs while the unemployment rate edged down to 6.2%. To secure a faster recovery, policymakers should continue provisioning ample fiscal and monetary support. Premature removal of either could threaten the prospects of the recovery.

Key points

  • Lower new Covid-19 cases and the lift of restrictions have benefited job creation
  • One of the hardest hit sectors, leisure and hospitality rebounded strongly in February
  • Despite robust job creation, the number of unemployed is 4.3 million higher than in February 2020
  • Monetary and fiscal support are still needed to achieve a full recovery

 

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