What COVID Has Done

Here’s a weird but important chart. This shows the regular unemployment rate compared with the jobs-to-population ratio.

What this shows is that what we now call 6.2% unemployment is much worse than what we use to called 6.2% unemployment.

The tight line at the lower right is before Covid. The loose line on the left is during Covid. Since so many people left the jobs market, the whole relationship has shifted to the left.

Posted by on March 15th, 2021 at 11:52 am


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