ALL NEWS

Utah economist on February jobs numbers: “This is a great report”

Mar 5, 2021, 2:08 PM
jobs report...
FILE- This Dec. 24, 2020, file photo shows the U.S. Capitol is seen in Washington. (AP Photo/Jacquelyn Martin, File)
(AP Photo/Jacquelyn Martin, File)

American businesses added 379,000 jobs in February, according to the latest monthly report from the Bureau of Labor Statistics. 

The U.S. surpassed its expectations for added work opportunities to the labor market for the month of February, reporting an increase of 379,000 jobs. Additionally, the unemployment rate fell to 6.2%, according to the Labor Department’s monthly report. 

The number of jobs available is the most the country has seen since October, signaling a strengthening economy amid dropping COVID-19 cases across the country. Economic experts say the revival is in part to consumers spending more money and cities easing restrictions for businesses. 

“This is a great report,” Robert Spendlove, Zions Bank senior economist, told Utah’s Morning News Friday. “We’re not only above the consensus but above the high point people thought we’d be seeing for this month.” 

Jobs report sparks hope in some, concerns for others

However, Spendlove said this is just the beginning. Many Americans are still on the sidelines seeking opportunities to work. 

As a result, the unemployment rate may be closer to 10%, rather than the reported 6.2%, according to Federal Reserve Chairman Jerome Powell. 

That’s because “during the pandemic, many people became unemployed. But also a lot of people kind of just gave up on the labor market,” Spendlove said. “They just said, ‘It’s not worth it to even look for a job.’ So, they left the labor force entirely.”

Others worry the growth may throw the U.S. into high inflation, especially if President Joe Biden continues pushing for his $1.9 trillion stimulus package. President Biden said his plan was still needed amid the latest jobs report, which he warned was only temporary.

“The rescue plan is absolutely essential to turning this around, getting kids back to school safely, giving a lifeline to small businesses and getting the upper hand in COVID-19,” President Biden said, according to a report from The New York Times.

Mr. Biden’s COVID-19 relief proposal stalled on the Senate floor Friday as Democrats scrambled to achieve their goals while satisfying opposing Republicans about the bill. 

Today’s Top Stories

All News

The Utah Department of Agriculture and Food announced Wednesday two new cases of avian influenza....
Mark Jones

Two new cases of avian influenza announced Wednesday

Two new cases of avian influenza have been confirmed by the Utah Department of Agriculture and Food. The new cases are in Iron and Utah counties.
23 hours ago
A suspect is in custody Wednesday evening after University of Utah Police say two hidden cameras we...
Mark Jones

Hidden cameras found in restrooms in U of U Student Life Center, suspect in custody

University of Utah Police say a suspect has been arrested after two hidden cameras were found inside two different restrooms inside the Student Life Center.
23 hours ago
Salt Lake City Police took a 44-year-old man into custody on Wednesday in connection to the burglar...
Mark Jones

SLC Police arrest man for burglarizing two law offices

Salt Lake City Police say a 44-year-old man was arrested Wednesday in connection to burglarizing two downtown law offices last week.
23 hours ago
Former Salt Lake City Mayor Rocky Anderson wants his old job back. ...
Mark Jones

Rocky Anderson announces bid to run for SLC mayor in 2023

Former Salt Lake City Mayor Rocky Anderson announced Wednesday that he is seeking reelection to get his old job back.
23 hours ago
Orem auto-pedestrian collision...
Mark Jones

Two people hurt in auto-pedestrian collision in Orem

Orem police are investigating an auto-pedestrian collision that sent two people to the hospital Wednesday afternoon.
23 hours ago
Fatal car crash...
Waverly Golden

Salt Lake City Police investigate deadly auto-pedestrian collision

SLC 9-1-1 received information about a deadly auto-pedestrian collision involving a Nissan pick-up Wednesday afternoon, according to Salt Lake City Police Department.
23 hours ago

Sponsored Articles

Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
Utah economist on February jobs numbers: “This is a great report”