Industry Insights

February Unemployment Update

By: Caroline Forrest
Mar 12, 2021 • 4 min read

JobGet’s February Unemployment Update

In February of 2021, our economy finally saw another slight decrease in employment rates across the board. At the peak unemployment rate in April 2020, reaching 14.7%, it is easy to see how much improvement we have made. Although the past few months have been slow to improve, we approach pre-COVID unemployment rates that hovered around 3.5% each month. The February unemployment update contains a wealth of information; let’s take a look!

The JobGet Team has compiled a report of unemployment data and trends, which you can review and download below:

JobGet Unemployment Report Feb 2021 – v3

Summary

COVID-19 had an incredible impact on every industry back in April 2020. Almost a year later, we have seen unemployment rates drop from 14.7% down to 6.2%. The good news that the COVID-19 vaccine brings will only improve these rates as we approach herd immunity and warmer weather.

Demographics

While it is easy to get caught up in the overall unemployment rate, we must remember that these numbers represent individuals in our country. Although 6.2% is a significant improvement from previous months, nearly 10 million individuals are currently unemployed, bringing some perspective to the economy’s current state.

As with each unemployment update, we analyze unemployment rates among specific demographics. In February, teenagers saw a significant decrease in unemployment from January – reaching 13.9% from 14.8%. Unemployment among women (5.9%) surpassed that of men (6.0%) across the board. However, among the positive trends, there are always the more concerning ones. Unemployment rates in the Black population (9.9%) have remained significantly higher than that of any other population, including White (5.6%), Asian (5.1%), and Hispanic (8.5%).

Industry

Regarding specific industries, there were both positive and negative trends in terms of the number of jobs. In retail, manufacturing, transportation, warehousing, and wholesale trade, each industry saw a slight increase in employment trends. However, for information, finance, mining, construction, and government jobs, these industries did not perform as well.

Key Takeaways

“While the labor market still has a lot of ground to make up, we are in a different place than we were a year ago, and the economy seems poised for a strong rebound.”

-Tony Bedikian, Citizens Bank

“We anticipate as the weather continues to get warmer, that [hospitality] sector will start to explode in the next eight to 12 weeks.”

-Amy Glaser, Adecco

There is more good news to come as the weather warms and the vaccine for COVID-19 is distributed. Stay tuned for next month’s unemployment update, and check out our blog for more information!

More to Read:

January Unemployment Update 

December Unemployment Update

Unemployment & COVID-19

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