Unemployment Spikes in 2020 Pandemic But Jobs Rebound, Inflation Eases by 2024: Brookings Economists Review Labor Market Resilience

• Unemployment spiked to 14.8% in April 2020 due to COVID-19, highest since 1948 • Labor force participation rate dropped to 60.1% in April 2020, lowest since 1970s • By 2022, labor market had rebounded but inflation was growing rapidly • By early 2024, inflation had eased without increased unemployment • Brookings hosted a conference in 2024 with 40 economists to discuss lessons from COVID's impact on labor markets