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Jason Furman (PIIE) and Wilson Powell III (Harvard Kennedy School)
US labor market data for November sent mixed signals. Unemployment fell to 4.2 percent, labor force participation was up, and employment increased 1.1 million, yet the normally more reliable payroll survey showed an increase of only 210,000 jobs. Stepping back from this noisy data, Jason Furman and Wilson Powell III analyze the trends over the last year, finding that while talk of the “Great Resignation” may leave the impression that employment is surprisingly low, that is not the case. The US economy added an average of 555,000 jobs per month since last December, though it’s still 5 million jobs short of pre-pandemic projections.
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Financial decoupling farfetched