Joe Biden welcomes this movement of business leaders, which is promoting economic recovery after Covid.
US companies continued to increase recruitment in April, a trend welcomed by Joe Biden, who sees it as a result of his economic policies.
Despite higher costs due to chronic labor shortages and record inflation, employers have added 428,000 new jobs to the economy, particularly in the services, manufacturing and transportation sectors, which have been hit hardest by the pandemic.
This is more than the 395,000 jobs expected from an analysts’ consensus. But that has remained unchanged since March, when the number was revised slightly downwards. In two years, the US economy has recreated nearly 95% of the 22 million jobs destroyed when the Covid pandemic paralyzed economic activity and plunged the United States into a deep recession in the spring of 2020.
Although there was a bridging of the gap after immediate and massive disasters as well as a record unemployment rate of 14.7% in April 2020, the Democratic president has taken credit for this recovery. “Our policy measures have created the strongest jobs of the modern age“Joe Biden commented in a press release.”The drop in unemployment (is) the fastest recorded since the beginning of a presidential termhe added.
The unemployment rate remained at 3.6% close to the level of February 2020, ie shortly before the spread of the pandemic. At 3.5%, it was then at its lowest level since 1969. In April, the number of unemployed remained “virtually unchanged at 5.9 million“, The ministry notes in its press release.
The unemployment rate for blacks or African Americans, on the other hand, fell last month to 5.9% from 6.2% in March, while remaining much higher than that of whites (3.2%, unchanged) and of Hispanics (4.1). %, drop 0.1 points). Both the labor market participation rate at 62.2% and the employment-to-population ratio at 60.0%, on the other hand, have changed little over the past month and are still lower by 1.2% each. on February. 2020 level.
Last year, the supply of labor did not keep pace with the record wave of job creation.
For the past year, companies have been facing staff shortages after many pandemics during the pandemic and huge resignations each month to find better working conditions.
According to another Labor Department survey released this week, there are more than 11 million jobs available in the country, a record. The leisure and hospitality sector continues to shrink by 1.4 million jobs from pre-crisis levels, said Grant Tronton economist Diane Swonk.
He notes that these losses represent more than 1.2 million jobs missing from the peak of February 2020. For the education sector, more than 300,000 jobs are still missing. “Exhaustion and backlog of wage earnings in education do not helpduring the recruitment, Ms. Swonk commented.
In an effort to attract candidates, private sector companies have improved payroll conditions, increased hiring bonuses and are now offering more generous social benefits. This fueled higher wages, which rose 0.3% in April from March. Over the course of a year, they rose 5.5%, a jump that was, however, insufficient to offset record inflation.
“There is no doubt that inflation and high prices are a challenge for families across the country, and fighting inflation is a top priority for me.“Blamed the pandemic and the Russian invasion of Ukraine for worsening inflation. Inflation in the United States stood at 8.5% year-on-year in March, according to the CPI. of the last 40 years.