Jobs surge in February

U.S. non-farm employment rose by 379,000 in February and the unemployment rate fell to 6.2%. KPMG Chief Economist Constance Hunter provides her analysis and thoughts on what lies ahead.

Constance L  Hunter

Constance L Hunter

Principal and Chief Economist, KPMG US

+1 212-954-3396

Video transcript

Today we saw confirmation of green shoots in the U.S. economy. We added 379,000 jobs and the unemployment rate fell to 6.2 percent. This confirms our overall view that we will add about 6 million jobs back to the U.S. economy this year. We won't get back to pre-pandemic levels but we will make substantial progress. Of-course, all of this is predicated on continued progress against the virus. Continuing to vaccinate, continuing to flatten the curve, and lower the number of cases so that we don't fall victim to these new strains of the virus that seem more contagious.

If we are able to do that, it looks like we should have people sufficiently vaccinated by the end of May and this is the most important factor to returning our economy to normal. That coupled with fiscal assistance should help us achieve close to six percent growth this year. We expect the news to continue to get better throughout the spring and we expect these green shoots to grow into a full-fledged garden of growth as the year progresses.