The pace of recovery far exceeded expectations, and the United States added 379,000 non-farm jobs in February.

With the sharp decline in new cases and the orderly vaccination, the economic activity in the United States has obviously picked up, and the number of employed people has surged in February.

According to data released by the US Department of Labor on Friday, the number of non-farm employees in the United States increased by 379,000 in February, far exceeding the expected increase of 200,000, and increased by 49,000 in June. The unemployment rate in that month was 6.2%, which was lower than expected and the previous value was 6.3%.

Tony Bedikian, global market director of Citizens Bank, pointed out that the weather is getting warmer, vaccination in COVID-19 is accelerating, and the new employment report has set an optimistic tone for economic recovery. "Although there are still many lost land in the labor market to be recovered, compared with a year ago, we are already in a completely different position and the economy is expected to rebound strongly."

Specifically, almost all the new jobs are from the leisure and hotel industries that have been severely hit before. With the relaxation of restrictions on eating out in some areas, 355,000 new jobs have been created in this department. Among them, there are 286,000 bars and restaurants, 36,000 hotels related departments and 33,000 entertainment, gambling and leisure departments.

Despite the substantial increase, compared with a year ago, the number of employees in the leisure and hotel industries still decreased by 3.5 million. However, the increase in employment also pushed the unemployment rate of this industry down from 15.9% in June to 13.5%.

Amy Glaser, senior vice president of human resources company Adecco, said that there are huge opportunities in the service industry. She predicted that with the continuous warming of the weather, the hotel industry will start to break out in the next eight to twelve weeks.

Friday's report also revised the number of new non-farm jobs in the United States in June from the previous 49,000 to 65,438+66 million.

The employment report also shows that in February, the health care sector increased by 46,000 people, the retail sector increased by 4 1, and the manufacturing sector increased by 2 1. At the same time, the education departments of local and state governments decreased by 69,000, the construction industry decreased by 6 1 10,000, and the mining industry decreased by 8,000.

Overall, compared with the same period last year, the number of employed people in the United States in February was still 8.5 million less. The unemployment rate of some ethnic minorities is still high. In February, the unemployment rate of African Americans rose from 65438+9.2% in 10 to 9.9%, and the unemployment rate of Hispanics dropped from 8.6% to 8.5%.

The Congressional Budget Office (CBO) and many economists predict that the United States will not fully restore the jobs lost during the epidemic until 2024.

Federal Reserve Chairman Bauer also reiterated on Thursday that raising interest rates requires the economy to return to full employment, and the inflation level has risen to more than 2% and is sustainable. He doesn't think either situation will happen this year.

After the employment report was released, the yield of 10 US Treasury bonds soared to 1.626%, the highest level since this year. As of press time, the yield has fallen to 1.566%. Bond prices and yields fluctuate inversely.

With the development of vaccination and the improvement of economists' expectations for recovery prospects, the yield of long-term US Treasury bonds has been rising rapidly recently, rising above 1.5% for the first time in more than a year last week.

The rise in the yield of long-term treasury bonds tends to weaken the attractiveness of technology stocks and other growth stocks to investors. At the same time, it will also trigger market concerns about the Fed tightening monetary policy in response to rising inflation.

Some investors speculate that the Fed may adjust its policies, lower part of the yield curve, or even relax its dovish stance. But so far, the central bank has not shown signs of changing its policy line.