Millions of people missing from the U.S. labor force have been expected to go back to work later this year as the pandemic receded and schools reopened, but...
Millions of people missing from the U.S. labor force are expected to go back to work later this year as the pandemic recedes and schools reopen, but what if many of them don’t?
The study’s authors contend the slow recovery in the labor force after 2009 “did not reflect any unusual features of this recession and instead was in line with the typical business cycle patterns.” These complaints have erupted even though the government found that 9.5 million people were still unemployed as of June. And that doesn’t include people who are no longer counted in the jobless rate because they are no longer looking for work.The rate of participation in the labor market, meanwhile, was just 61.6% as of June — almost two percentage points below the pre-pandemic peak. People are considered part of the labor force if they have a job or are actively seeking one.
“Myriad factors are tempering labor supply at the moment — the need to care for children, fear of Covid, generous unemployment benefits,” San Francisco Fed President Mary Daly wrote in a blog post on Tuesday. “But there is no reason to expect those to be permanent or even high persistent features of the labor market.”
“Those transitions may not respond quickly to changes in labor market conditions, since these activities may take time to enter or exit,” the Fed study said.
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