Our Services
Who We Are
Client Tools
News & Info
Financial Briefs
  Articles Of Interest
  Featured News
Account Lookup
Advisor Vault
Custom Page Types
Contact Us
Log In
More Articles  Printer Friendly Version


Service Sector Jobs Are Catching Up

5013 2

The American economy added 431,000 jobs in March, and the unemployment rate declined to 3.6% from 3.8% in February.

Here’s an update on the major happenings in the economy and stock market this past week.

5013 3

With an increase of 431,000 employees in March, the nation now employs nearly as many people full-time as it did before the pandemic struck in February 2020. Employment is down by 1.6 million from its pre-pandemic level in February 2020.

The U.S. Bureau of Labor Statistics reported today that the unemployment rate declined to 3.6%. Leisure and hospitality job growth is an interesting aspect of the historic recovery from the pandemic.

5013 4

Employment in leisure and hospitality continued to increase in March, with a gain of +112,000. Job growth occurred in food services and drinking places (+61,000) and accommodation (+25,000).

Since February 2020, employment in leisure and hospitality is still down by 1.5 million, or 8.7%. This is the part of the economy most severely affected by the pandemic and its full recovery benefits service workers the most.

“Average weekly earnings for non-supervisory employees in leisure and hospitality businesses grew much faster than price increases over the past year,” according to a Labor Department release today.

5013 5

The Standard & Poor’s 500 stock index closed Friday, April 1, 2022, at 4,545.86. The index gained +0.34% from Thursday and was up +0.06% from last week. The stock index is up +68.06% from the March 23, 2020, bear market low.

Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances.
The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.

Email this article to a friend

Stocks Have Soared Lately, But What Should You Expect Near And Long-Term?
Investing In An Economy Beset By Multiple Anomalies
Despite Bad Economic News, Stocks Rose 4% In The Week Ended July 29, 2022
Amid Bad Data Releases, Leading Economists Predict No Recession
Good News: Real Retail Sales Dropped Fractionally In The Past Year
Financial Economic News Analysis
The Good News Is All This Bad News
Four Signs A Recession Could Be Short And Shallow
Odds Of A Soft Landing Shrunk After Friday's News
Bad Inflation Surprise Sends Stocks Down Sharply
It Could Be A Long, Hot Summer For Investors
What A Difference A Week Makes
Amid Stock Market Turmoil, +2.3% Growth Projected In 2022
Staying On Track Amid The Ukraine And Inflation Crises
For Investors, 2022 Is Turning Into A Test
Is The Economy Brightening? Or Is The Federal Reserve Slamming The Door On Growth

This article was written by a professional financial journalist for Financial Planners and is not intended as legal or investment advice.

©2022 Advisor Products Inc. All Rights Reserved.
test disclosure 123