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Even as 26.6 million more potential workers arrived, given last year’s deep recession there were in May 2021 only 6.5 million more payrolls than there had been in October 2008.
The recovery was said to have been on a winning streak (vaccines, gov’t payments, etc.), so it seemed the easiest correlation more likely the explanation.
The economy should be doing better, the labor market should be coming back quicker; but it “somehow” doesn’t. Again.