Last year the US economy lost 9.37 million jobs, exceeding the 5.05 million jobs destroyed in 2009, say Sarah Chaney Cambon and Danny Dougherty in The Wall Street Journal. However, America “is poised to add more jobs this year than any other on records dating back to 1939 – though the expected gain is unlikely to fully replace losses last spring when the coronavirus pandemic first took hold”.
According to data firm IHS Market, nonfarm payrolls will increase by 6.7 million by December 2021. Oxford Economics predicts 5.8 million jobs, and economists at the University of Michigan forecast an extra 5.3 million. “All would put 2021 well ahead of the 4.3 million jobs created in 1946, at the start of the post-World War II expansion, for the best year on record.”
Meanwhile, business activity in the services sector picked up in February, with the ISM non-manufacturing purchasing managers’ index rising to 57.2 from 55.9 in January (above 50 indicates growth). And the decline in two surveys gauging small business optimism in December is “mostly noise related to the election”, reckons Michael Pearce of Capital Economics. However, they do suggest that “inflationary pressures appear to be building”.
Kris Paterson is a writer for www.whatjobs.com the global job search engine