According to two Federal Reserve economists, it should take about two more years before our labor market returns to the norm.
Keeping in mind we’re media folks and not necessarily economist-types who crunch numbers, we’ll share this update at a macro level.
As pointed out by ERE, they looked at 23 different labor market indicators and said change is above the average but hasn’t morphed into an equivalent rate of conversion to boost labor market conditions.
Although jobs are being created in particular in the temp area, the national unemployment rate continues to plod along. The economists looked at the level of activity. How far are labor market conditions from historical averages? They also researched the rate of change: How rapidly are conditions altering in comparison to past conditions?
As change accelerates, one would think the level of activity should as well, thereby resulting in a drop in unemployment.