February’s job growth of 379,000 and an upward revision of 177,000 to January’s number is good. Restaurants & bars added 289,000 jobs, while recreational outlets, hotels and medical offices added 97,000, reminding us that Covid-19 drives this recovery. All, however, is not peachy.
The labor force participation rate declined, as did the length of the work week. But the labor market is healing after stalling earlier and should steadily improve.