The US economy added 678,000 jobs in February, exceeding economists' expectations.

It was the best month for job growth since July. …

"It's mindbogglingly fast and sustained growth — well over half a million jobs added per month on average for more than a year," Heidi Shierholz, president at the Economic Policy Institute, wrote on Twitter. More than nine out of every 10 jobs lost during the pandemic recession have been regained, she added.

… The unemployment rate edged down to 3.8%, also better than expected, representing a new pandemic-era low.

The leisure and hospitality sector, which was hit hardest by Covid-related layoffs, once again added the most jobs back, at 179,000. The industry needs another 1.5 million jobs in order to reach its pre-pandemic level. Most of the positions added in February were created at restaurants and bars as Americans ventured out more to socialize once the Omicron surge subsided.

Professional services, health care and construction also recorded strong job gains.

This bodes well for the labor market recovery in 2022.

Read the full article on CNN Business.