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Last month, the national jobless rate fell to the lowest it has been since the 1960s, but the intense labor demand could spark even faster wage growth. Currently, inflation is at its highest in four decades.
From Bloomberg: Nonfarm payrolls increased 678,000 last month after an upwardly revised 481,000 gain in January, a Labor Department report showed Friday, March 4. The advance was broad-based across sectors. The unemployment rate edged down to 3.8%.
Even if the hit is temporary, as most anticipate, the disruptions and closures are likely to slow the fragile rebound in some sectors and weigh on businesses’ future plans.