379,0000 Jobs Added in February in First Employment Report Under Biden

379,0000 Jobs Added in February in First Employment Report Under Biden.

According to data released by the Bureau of Labor Statistics on March 5, .

The first full monthly employment report under President Biden saw 379,000 jobs added to the U.S. economy.

Economists had only predicted about 210,000 jobs would be added.

355,000 of those jobs were in the leisure and hospitality industry.

The unemployment rate fell from 6.3% in January to 6.2% in February.

However, this only counts people who are actively seeking jobs, not those who have dropped out of the workforce.

For instance, 4.2 million people who've dropped out of the labor force couldn't look for a new job in February because of the pandemic.

While the newly-added jobs signal a slow recovery may be underway, economists agree the official jobless rate is likely much higher