In the first part of the series of updates on the U.S. labor markets, I covered continued unemployment claims (https://trueeconomics.blogspot.com/2021/04/2421-us-continued-unemployment-claims.html), followed by the second post covering labor force participation and employment-to-population ratio (https://trueeconomics.blogspot.com/2021/04/2421-us-labor-force-participation-and.html).
Now, consider total non-farm payrolls - a measure of jobs present in the economy:
Total non-farm payrolls rose in march 2021 to 143,400,000, up on 142,077,000 in February. However, the increase still leaves the payrolls 9,777,000 short of the pre-Covid19 highs. The rate of jobs addition rose in March to 1,323,000 from February growth rate of 1,097,000. Combined jobs expansions of February and March, however, are not sufficient to cover the jobs losses of 2,622,000 sustained in January 2021. Average monthly jobs recovery during the pandemic period is 1,195,000, which means that it will take ca 8 months at the average rate of jobs creation for the economy to regain its pre-Covid19 highs in jobs numbers.
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