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However, the economy remains down 9. The economy addedjobs in February after adding a revisedjobs in January. The unemployment rate ticked down to 6. This remains 2. Over this same time period, more than 4 million workers have dropped out of the labor force. This is not to say the headline unemployment rate is wrong, simply that in a pandemic, getting a full view of the economy requires looking at the data in multiple ways. The unemployment rate also varies substantially across groups, based on both the official unemployment rate and the one adjusted for labor force dropout and misclassification issues.

Black and Latino workers have been particularly hard hit, with the adjusted rate for both in double digits. While the official unemployment rate for women is just below that for men, once adjusted it is higher for women than it is for men reflecting how many more women have exited the labor force entirely. The labor force participation rate for women 20 years and over is down 2. The overall male-female difference in labor force participation changes masks wide variation by race.

White men and women have declines in labor force participation rates that are relatively similar 2. On the other hand, the labor force participation rate is down 1. For Hispanic men it is 1. Black women were only 14 percent of the female labor force in Februarybut have ed for a disproportionate 26 percent of female labor force dropouts since then. Hispanic women were only 17 percent of the female labor force in February but have ed for 27 percent of the female labor force dropouts.

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These are overlapping and cannot be added together. The Bureau of Labor Statistics does not provide seasonally adjusted breakdowns for Asian men and women as part of their release. However, not seasonally adjusted, the labor force participation rate in February for Asian men was down 1. The not seasonally adjusted unemployment rate for Asian women was higher than it was for men. On the payroll side, employment remains down roughly 9.

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This is greater than the worst point of job loss at the depths of the Great Recession. The overall jobs gap masks very different trends across industries.

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By far the worst hit industry is leisure and hospitality. Leisure and hospitality addedjobs in February, and its losses in January were revised down. However, over the last three months the industry has lost an average of 56, jobs, reflecting heavy losses in December. This industry alone s for around 36 percent of jobs lost during the pandemic. On the other hand, the financial activities sector, where workers can more easily telecommute, has held up relatively well, down only 1 percent from February State and local government employment continues to suffer, down 1.

As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and payroll employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, and it is informative to consider each report in the context of other data as they become available.

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