Insights from our Economists
A Downsized and Uneven Labor Market
The April jobs report shows a staggering loss of 20.5 million jobs, which is the largest monthly loss in recorded history. Employment dramatically dropped across almost every industry. The unemployment rate jumped to 14.7 percent, the highest since the Great Depression. The unemployment rate underestimates the amount of slack currently in the labor market. 5.1 million additional workers are now working part-time even though they prefer a full-time job. And the number of people outside the labor force grew by 6.6 million, showing many are currently discouraged to even try to find a job. Over the coming months, we should expect participation to increase again as the economy begins to open up.
Archives
- US GDP contracts by 4.8 percent in Q1, but the real damage won’t be seen until Q2
- The Conference Board Economic Forecast for the U.S. Economy
- Only A Taste of What’s to Come
- The Conference Board Economic Forecast for the U.S. Economy
- Strong job gains put the labor market on solid footing as COVID-19 impact starts to materialize
- The Conference Board Economic Forecast for the U.S. Economy
- Today's Job Report Numbers Show 2020 is Off to a Good Start
- US Economic Growth is Settling Into a Flat Growth Path Around 2 Percent
- Despite gradual slowing of job growth, labor market will still feel tight in 2020
- The Conference Board Economic Forecast for the U.S. Economy
- The Conference Board Economic Forecast for the U.S. Economy
