The Mystery of the Missing Millions: Solving the one blemish on the jobs report
Read: U.S. adds 531,000 new jobs in October as economy recovers
The result: There’s not enough workers to fill a near-record number of open jobs. If the labor shortage persists, it could slow the economic recovery and keep inflation high. Excluding a steep drop early in the pandemic, that’s the lowest level since 1973. Nor has the rate of participation improved at all in the past year.
Now many are questioning the assumption that the expiry of some unemployment benefits would prompt workers to return.
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