Are Jobs Back

Chart of the Week: Are Jobs Back?

December 20, 2021

Director of Research Jeff DeMaso By Director of Research Jeff DeMaso

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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