Are Jobs Back

Chart of the Week: Are Jobs Back?

On the surface, the jobs market appears healthy, as the unemployment rate fell from 6.7% to 4.2% in 2021. However, a deeper dive reveals that millions of people have yet to return to the workforce. The employment-to-population ratio (a broad measure of the state of the jobs market) is still well below where it was before the pandemic; it’s currently around the level seen following the depths of the Great Financial Crisis in 2009 and 2010.

Chart of the Week
Note: Chart shows seasonally adjusted monthly employment-to-population ratio from Jan. 1990 through Nov. 2021. Source: Federal Reserve Bank of St. Louis.

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