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Manufacturing and Hospitality Industries Start to Show Signs of Recovery
Dated: February 18 2021
Article provided by Mike Ouverson, Leader One Financial
COVID-19 dealt a harsh blow to the global economy and wreaked havoc on Americans across the country. While many Americans are still struggling to pull themselves from the void the virus created, experts posit the worst is behind us and the job market is showing signs of recovery.
Jobless claims decreased for the third week in a row to the lowest level since November, a sign that job cuts are starting to slow as COVID-19 infection numbers ebb. According to ADP, private companies added 174,000 jobs in January.
The Leisure and Hospitality industry added 35,000 new jobs but has yet to bounce back to its pre-pandemic levels. Leisure and Hospitality's 39% share of all U.S. unemployment is three times that of the public sector with its 13% share. New data suggests around 40% of all jobs lost since February 2020 have been in the Leisure and Hospitality industry.
The ISM manufacturing index rose to the highest level in almost two and a half years in December. Manufacturers have expanded for seven months in a row since the economy reopened last spring. More good news for the manufacturing industry came at the start of the new year as President Joe Biden signed legislation to fortify the "Buy American Act." The law requires companies that accept federal contracts based entirely in the U.S. and source none of their supply chains internationally. Businesses appear hopeful these changes will open up opportunities to create manufacturing jobs.
Most economic numbers have exceeded expectations so far, but concerns remain, especially if the virus's continued prevalence in 2021 stalls economic growth.
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