Joe Biden welcomes this movement of business leaders, which promotes post-Covid economic recovery.
U.S. companies continued to increase hiring in April, a trend welcomed by Joe Biden who sees it as the result of his economic policy.
Despite higher costs due to chronic labor shortages and record inflation, employers have added 428,000 new jobs to the economy, especially in the service, manufacturing and transportation sectors. which have been the hardest hit by the pandemic.
That’s more than the 395,000 jobs expected by a consensus of analysts. But that hasn’t changed since March, when the figure was revised slightly lower. In two years, the U.S. economy has recreated nearly 95 percent 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 recovery effect after the immediate and massive destruction and record unemployment of 14.7% in April 2020, the Democratic president has been credited with this recovery. “Our political measures have produced the strongest job creation of modern times“Joe Biden said in a press release.”The fall in unemployment (is) the fastest recorded since the beginning of a presidential term“, added.
The unemployment rate remained at 3.6% close to its level of February 2020, that is, just 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 said in a press release.
The unemployment rate for blacks and African Americans, on the other hand, fell last month to 5.9% from 6.2% in March, although it remained much higher than for whites (3.2 %, unchanged) and Hispanics (4.1%). %, a decrease of 0.1 points). Both the labor market share rate of 62.2% and the employment / population ratio of 60.0% have changed little over the last month, and are still 1.2 per cent lower. % in February. level 2020.
Lack of labor
The job supply over the last year has not kept the record wave of job creation.
Over the past year, companies have faced a shortage of employees after numerous pandemic retirements and massive layoffs 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 fall by 1.4 million from pre-crisis levels, said Grant Tronton economist Diane Swonk.
He notes that these losses represent more than 1.2 million jobs lost by the peak of February 2020. For the education sector, there are still more than 300,000 jobs lost. “Depletion and salary arrears delayed in education do not helpwhen hiring, Swonk commented.
In an attempt to attract candidates, private sector companies have improved wage conditions, increased hiring bonuses, and now offer more generous social benefits. This boosted higher wages, which rose 0.3% in April compared to March. For a year, they advanced 5.5%, a jump, 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 priority for me.said Joe Biden. He blamed the pandemic and the Russian invasion of Ukraine again on the worsening of inflation. Inflation in the United States stood at 8.5% year-on-year in March, according to the index CPI, the highest in 40 years.