Abstract:Since the start of the pandemic the U.S. labor market has been characterized as being plagued by missing jobs, i.e. payroll employment has fallen more than ve million jobs short of its pre-pandemic trend, and missing workers, i.e. the participation rate has declined by 1.2 percentage points: A pandemic-induced shortage of workers has restrained job creation and, as a result, been a substantial drag on post-pandemic job growth. In this paper, we show that this is a misinterpretation of the data for two reasons.… Show more
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