This Is a Weak Jobs Recovery
The United States’s jobs recovery is extremely poor, especially if we consider the size of the monetary and fiscal stimulus and the spectacular upgrade to GDP estimates. After a massive consensus increase in GDP recovery estimates to 6.5 percent in 2021, no one should be cheering a 5.9 percent unemployment rate, 58 percent employment-to-population ratio, and, even worse, a 61.6 percent labor force participation rate that has remained stagnant for ten months. Furthermore, Bloomberg Economics shows that the United States unemployment rate would be 8.4 percent excluding the participation decline.
In the European Union, the employment situation is also a cause of concern. The United States’s jobs recovery is certainly strong only when compared with an extremely weak European jobs environment. In May 2021, the euro area’s s
Article from Mises Wire