Published on : Mar 12, 2015
Unemployment in the United States has been on a general upward trend in recent time, with the strong recovery of the American economy, arguably the most influential economy in the world bar (perhaps) China, seems yet to have a strong impact on a growth in employment statistics in various industry verticals. In the last few months, the resurrection of the employment figures has been led by the restaurants and bars sector. The hiring gains in this industry have created a ‘happy hour’ of sorts.
Restaurants, bars, and various other types of dining establishments across the United States added more than 58,500 jobs in February, according to Labor Department figures released last Friday. This represents a majority in the total figure of more than 3 million jobs added in the United States in the timeframe of the last 12 months. The increased need of the food and catering sector for a larger workforce is considered to be indicative of solid economic growth all over the United States, leading to an increased spending capacity of average consumers. The growing spending power of these consumers, constituting a large chunk (about 70%) of the United States Economy, is a vital and tangible aspect of the ongoing economic growth.
Of the total of about 295,000 jobs added in the last month, the construction industry accounted for more than 29,000. This shows that an unusually cold February doesn’t seem to have had much effect on the growth of the construction industry, which continues to post flying figures.
However, the unemployment outlook remains grim in the larger scheme, as the unemployment rate in the United States dipped to its lowest figure in six years in February, falling to 5.5% from 5.7% in January.