What’s Hollowing Out the US Workforce?
Although the US economy continues to add jobs and deliver robust wage growth across the board, the labor-force participation rate remains below its pre-pandemic level. This reflects a long-term trend, and it is a major problem that demands bipartisan attention.
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WASHNGTON, DC – America’s labor market is booming. Over the past six months, the economy added an average of 465,000 net jobs per month – recovering all the jobs lost during the pandemic, as of July – and the unemployment rate fell by three-tenths of a percentage point. At 3.5%, it is as low as it was in the tight labor market of early 2020.