Hiring continues to heat up. Last week, employers added 559,000 workers and the unemployment rate fell to 5.8%. The biggest job gains were in leisure and hospitality, as bars and restaurants reopened and people, many of whom are now vaccinated, returned to “normal” life.
After months of speculation about the shape of the recovery – the alphabet soup of V, U, W, L, and K – the news is more than welcome; frankly, it comes as a relief.
What’s more, there’s reason for continued optimism. According to the White House, 64% of adults are vaccinated.
What does widespread vaccination have to do with economic recovery? Quite a bit.
Put simply, as the risk of contracting Covid-19 diminishes, people are more comfortable resuming pre-pandemic activities, which include everything from day-to-day outings to grander plans like vacations.
Such activities impact a range of industries and have a ripple effect on those industries seemingly unaffected.
Naturally, when a business boom is widespread, almost everyone needs to add to staff. And there are only so many job seekers. This is the situation many employers find themselves facing. Right now, there is a lot of demand and not much in the way of supply.