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In the period after a peak Omicron surge and before war broke out in Eastern Europe, the US labor market recovery accelerated, as hiring ramped up and more people returned to the labor force. A surprising bump of 678,000 net new jobs were posted in February, and January numbers were revised up, too. The labor market has powered through the Omicron wave. Encouragingly, labor force participation is rising in response to strong employer demand. But these numbers reflect a period before the invasion of Ukraine and any associated economic uncertainty that might cause a pull-back in hiring plans.
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