![]() The overall unemployment rate hasn’t been lower than this since the 1960s. Long-term unemployment is as low as it has been in 20 years. “Long Covid” is also clearly keeping some people out of work, although researchers have come up with different estimates of how many.īut, for the most part, the labor market appears to have avoided the deep scarring that was the legacy of the last recession. Child care remains in short supply, forcing some parents - a disproportionate share of them women - to work part-time or not at all. More people are working in warehouses today than in February 2020, and fewer in restaurants. The pandemic left a lasting mark on the U.S. After the previous recession, it took more than five years to achieve that feat. It has gained them all back, plus half a million more. economy lost an astonishing 22 million jobs in the first two months of the pandemic. The story so farīefore we dive into the latest data, it’s worth reflecting on just how far the job market has already come in the past two-plus years. The bottom line: The job market is cooling, but it remains strong, and while a recession remains a real possibility, there’s little sign of it yet in the data. In times like these, it can help to put down the magnifying glass to look at the bigger picture. ![]() The report mostly met analysts’ expectations, yet the stock market tumbled. Job gains slowed, but wage growth remained high. The unemployment rate fell, but the labor force shrank. More often than not, the relevant data is a jumble of conflicting signals. economy can sometimes feel a bit like watching an action movie through a magnifying glass: lots of movement and flashing lights, but it’s hard to figure out what’s going on.
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