Covid's 'legacy of weirdness': Layoffs spread, but some employers can't hire fast enough

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LTC Eugene Chu
..."Meanwhile, employers added 517,000 jobs last month, nearly three times the number analysts expected. This points to a labor market that's still tight, particularly in service sectors that were hit hard earlier in the pandemic, such as restaurants and hotels.

The dynamic is making it even harder to predict the path of the U.S. economy. Consumer spending has remained robust and surprised some economists, despite headwinds such as higher interest rates and persistent inflation.

All of it is part of the Covid pandemic's "legacy of weirdness," said David Kelly, global chief strategist at J.P. Morgan Asset Management.

The Bureau of Labor Statistics is scheduled to release its next nonfarm payroll on March 10.

Some analysts and economists warn that weakness in some sectors, strains on household budgets, a drawdown on savings and high interest rates could further fan out job weakness in other sectors, especially if wages don't keep pace with inflation.

Wages for workers in the leisure and hospitality industry rose to $20.78 per hour in January from $19.42 a year earlier, according to the most recent data from the Bureau of Labor Statistics."...