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After a year of pandemic lockdowns, America was looking forward to a"hot vax summer" as inoculation against the coronavirus and reopening coalesced into an economic boom.
That narrative was questioned in late July and early August, as the surging Delta variant of the coronavirus suddenly raised fears of going back into lockdown. The economic data is clear, though: Hot vax summer is very real. Data throughout the summer has showed a boom in employment, consumer demand, and wage growth. While there have been a few snags caused by supply shortages, and the Delta variant raises big questions for the rest of the summer and the fall, so far the recovery has been impressively fast. Friday's jobs report is the cherry on the proverbial ice-cream sundae.The labor market is hot.
While there are still about 5.7 million fewer Americans on payrolls than in February 2020, at the current average rate over the last three months, all those jobs will be recovered by February of next year: Even accounting for the jobs that would have been created in the economy following the pre-pandemic trend, the labor market should be back on track by next summer, Indeed economist Nick Bunker wrote on
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