Labor Department numbers are showing economic growth
BISMARCK, N.D. (KFYR) - The economy has made great strides since the peak months of the pandemic, according to Labor Department reports.
Employers are hiring more and some of the hardest hit industries are starting to recover-- all pointing to a healing economy.
The labor department reports a gain of 916,000 payrolls in March, which is the highest increase since August of 2020.
The unemployment rate has fallen to 6 percent from 6.2 percent in February.
The leisure and hospitality industry took a massive hit during pandemic-related closures last year but made the biggest come back last month, adding 280,000 jobs.
“As more people are going out, spending money at bars and restaurants or even traveling, hotels, airlines, any type of transportation, that’s a good thing for the economy. The jobs numbers are a direct reflection of reopening as well as the covid vaccine working its way through the system,” said Securian Financial Services Advisor David Wald.
David Wald says we should be cautiously optimistic when looking at the encouraging numbers. He says things might change due to the coronavirus if another outbreak were to occur or if we experience more government mandated closures. Although Wald says our economy is in recovery, he says we still have a long way to go.
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