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Flux In The Workforce

Labor Force

Despite the disappointing jobs report it did show improvement, even if below expectations. As outlined by Axios:

The big shocker of today’s jobs report: More than half a million people entered the labor force, the biggest influx in over a year.

Why it matters: A giant cloud over the recovery — the snail-like pace workers have returned — may be starting to clear.

Workers coming off the sidelines put a dent in America’s historic labor shortage.

By the numbers: Across nearly all demographics, labor force participation — a measure of how many people are working or actively looking for work — spiked.

Hispanic and Latino workers were one standout, with that rate jumping 0.6% last month.

The big picture: What’s pulling workers back in may depend on what kept them out in the first place — like lack of child care or fear of contracting the virus.

“We know that schools have been reopening and staying open. The Delta variant wave has diminished, though cases are still rather high,” says Glassdoor economist Daniel Zhao.

Fatter paychecks probably don’t hurt either: wages are up almost 5% from this time last year.

Reality check: There are still 2.4 million fewer people in the labor force than before the pandemic hit.

Axios Closer By Courtenay Brown ·Dec 03, 2021