If a conversation is taking place about the economy, chances are it is about inflation or gas prices. But what is not getting as much attention is how good the job market is.
According to the Bureau of Labor Statistics’ most recent job report, 678,000 new jobs were created in February. That’s an increase from 467,000 in January and 199,000 in December.
“It’s not necessarily surprising that there’s a quick recovery because there was nothing wrong with the economy; it was just a disease shock,” said Christina Huber, a professor of economics at Metro State University.
As the COVID-19 virus recedes, Huber says more people either feel comfortable reentering the job market or going out to support businesses and where there is demand, there is a response in supply. In past recessions and downturns, like 2008, there was something fundamentally wrong with the economy, so it was much more difficult to recover.
“We have a very strong economy right now and we still have low-interest rates for probably not too much longer, but we still have very low-interest rates, so I think that the strong economy, the availability of money, the low-interest rates, that is a very favorable environment to start a business,” said Huber.
According to the Bureau of Labor Statistics, the type of work being added to the job market is changing as well.
The agency's report shows 13% of employees did telework in February, down from 15.4% in January, as the greatest number of jobs were added in leisure and hospitality, professional and business services, health care, and construction.