WASHINGTON — Friday brought some welcome employment news, with the economy adding roughly 560,000 new jobs in May, knocking the unemployment rate below 6 percent. Combined with the latest news about falling Covid-19 cases and increasing numbers of Americans getting vaccinated, many analysts are hoping for an economic boom this summer as a full reopening draws nearer.
But the real story of the Covid-19 economy may be seen in a less-discussed number. While people tend to focus on the unemployment rate, that figure is based on the number of working-age Americans actually seeking a job , and that figure looks a lot different today than it did a year ago. It's not strange for labor force participation to drop during a recession. Workers get discouraged and leave the job pool. And labor force participation has been falling for decades as the nation ages. People eventually age out of the workforce and retire.
Consider all the changes in the economy in the last 40 years. Of course, there was no Internet or smartphones but, more importantly, women were not fully integrated into the workforce yet in the late 1970s. When women fully entered the labor force, the participation rate rose sharply, by more than 17 points between 1960 and 2001.
That’s one way to spin it, I guess. Conveniently leaving out that it’s well below expectations. Gotta protect ‘The Big Guy’ 😉
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High Numbers Of Covid Patients Report Impact On Mental Health, Research ShowsI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com good
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