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The US economy showed its clearest sign yet of recovery with February’s unemployment report released this morning by the Bureau of Labor Statistics: Some 379,000 jobs were added to US payrolls last month, led by the leisure and hospitality sectors.

To be sure, the jobs market is nowhere near its pre-pandemic health. First-time unemployment claims totaled 745,000 last week, up from 736,000 the week before, while both the unemployment rate, at 6.2%, and the number of unemployed persons, at 10 million, changed little in February. Although both measures are much lower than their April 2020 highs, they remain well above their pre-pandemic levels in February 2020 (3.5% and 5.7 million, respectively).

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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